Author Topic: France Passes the 75% Tax on their Rich  (Read 5217 times)

Ben

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France Passes the 75% Tax on their Rich
« on: September 28, 2012, 11:05:45 AM »
An interesting fact from the story that i did not know: Anyone in the EU can pick up and move to another country tomorrow, and immediately be subject only to that country's tax. Not so in the U.S.

http://www.forbes.com/sites/timworstall/2012/09/28/why-frances-75-income-tax-rate-is-going-to-be-so-disastrous/

Quote
That’s our e2 again there. The problem is that the US case is unique, not representative. For the US tax system is based upon citizenship while everyone else bases it upon residence. If you have a US passport then you are subject to US taxation (you might not have to pay any because of a low income, but you’re still subject to those tax laws). It doesn’t matter where you live in the world you still cough up to Uncle Sam. The only way out of this, the only way to “avoid” such US taxation is to give up your US citizenship. At which point the Feds will charge you all of the tax you would ever have paid anyway. So avoiding US taxation by leaving the country isn’t really an option: there is no “exit” possibility as the economists like to say. This will clearly and obviously lower that e2 value, the amount of avoidance that anyone can do in the face of higher tax rates.
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AmbulanceDriver

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Re: France Passes the 75% Tax on their Rich
« Reply #1 on: September 28, 2012, 11:52:45 AM »
Cue mass exodus of millionaires from France in 3... 2...
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SADShooter

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Re: France Passes the 75% Tax on their Rich
« Reply #2 on: September 28, 2012, 11:56:04 AM »
Cue mass exodus of millionaires from France in 3... 2...

I don't think the neighbors will be shunning the refugees or their monay.
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Ben

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Re: France Passes the 75% Tax on their Rich
« Reply #3 on: September 28, 2012, 12:00:36 PM »
Apparently the reportedly richest person in France already said "no thanks" and has, or will, vamoose.
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MechAg94

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Re: France Passes the 75% Tax on their Rich
« Reply #4 on: September 28, 2012, 12:03:50 PM »
The article I saw said it applied to income over 1 million Euros and also included a 45% tax bracket for income over 150,000 Euros. 

IMO, the 45% will probably be a bigger hit on those people than the 75% will be.  However, I don't know what sort of loopholes exist in France's tax laws.
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longeyes

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Re: France Passes the 75% Tax on their Rich
« Reply #5 on: September 28, 2012, 12:18:08 PM »
Egalite'!!!
"Domari nolo."

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HankB

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Re: France Passes the 75% Tax on their Rich
« Reply #6 on: September 28, 2012, 12:27:13 PM »
Apparently the reportedly richest person in France already said "no thanks" and has, or will, vamoose.
Yeah, I read he was headed for Belgium.
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longeyes

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Re: France Passes the 75% Tax on their Rich
« Reply #7 on: September 28, 2012, 01:23:56 PM »
Isn't he the sunglasses guy?  How are the French going to look cool?
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TechMan

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Re: France Passes the 75% Tax on their Rich
« Reply #8 on: September 28, 2012, 02:37:57 PM »
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birdman

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Re: France Passes the 75% Tax on their Rich
« Reply #9 on: September 28, 2012, 05:59:03 PM »
The article I saw said it applied to income over 1 million Euros and also included a 45% tax bracket for income over 150,000 Euros. 

IMO, the 45% will probably be a bigger hit on those people than the 75% will be.  However, I don't know what sort of loopholes exist in France's tax laws.

Deductions for purchase of white flags, room and board for German house guests, and capital costs of ineffective fortifications.

SADShooter

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Re: France Passes the 75% Tax on their Rich
« Reply #10 on: September 28, 2012, 06:15:41 PM »
 :rofl:

You only left out manufacture of awkward weapons systems of uneven quality.
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brimic

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Re: France Passes the 75% Tax on their Rich
« Reply #11 on: September 28, 2012, 06:43:51 PM »
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Deductions for purchase of white flags, room and board for German house guests, and capital costs of ineffective fortifications.
Wait are those the flags with or without the red and blue stripes that attach with velcro?

Ahh, its so good for France to be back to normal where they have a worse leader than we do, though that bar keeps getting lower and lower.
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drewtam

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Re: France Passes the 75% Tax on their Rich
« Reply #12 on: September 28, 2012, 06:54:57 PM »
Wait are those the flags with or without the red and blue stripes that attach with velcro?

Ahh, its so good for France to be back to normal where they have a worse leader than we do, though that bar keeps getting lower and lower.

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slingshot

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Re: France Passes the 75% Tax on their Rich
« Reply #13 on: September 28, 2012, 08:42:46 PM »
Maybe Obama should move there so he can pay his fair share to the government.
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kgbsquirrel

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Re: France Passes the 75% Tax on their Rich
« Reply #14 on: September 28, 2012, 08:54:46 PM »
So, how long until France adopts anti-emigration or other laws to prevent those selfish rich folks from avoiding paying their fair share?

just Warren

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Re: France Passes the 75% Tax on their Rich
« Reply #15 on: September 28, 2012, 08:58:18 PM »
Deductions for purchase of white flags, room and board for German house guests, and capital costs of ineffective fortifications.

 :mad: grrrrrr
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Bigjake

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Re: France Passes the 75% Tax on their Rich
« Reply #16 on: September 28, 2012, 09:09:21 PM »
:mad: grrrrrr

What, little bit of historical satire somehow painful?  :laugh:

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Re: France Passes the 75% Tax on their Rich
« Reply #17 on: September 28, 2012, 10:56:35 PM »
I knew it was meant to be a joke, but I'm tired of the misrepresentation of what happened. It is a discredit to the French, British, and Low Countries soldiers who fought and died. It also happens to discredit the Wehrmacht which means people underestimate what they were and what they did and thus lose the chance to learn the lessons they need from the campaign.
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Lee

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Re: France Passes the 75% Tax on their Rich
« Reply #18 on: September 28, 2012, 11:12:56 PM »
Quote
That’s our e2 again there. The problem is that the US case is unique, not representative. For the US tax system is based upon citizenship while everyone else bases it upon residence. If you have a US passport then you are subject to US taxation (you might not have to pay any because of a low income, but you’re still subject to those tax laws). It doesn’t matter where you live in the world you still cough up to Uncle Sam. The only way out of this, the only way to “avoid” such US taxation is to give up your US citizenship. At which point the Feds will charge you all of the tax you would ever have paid anyway.

Sorry if this ii thread drift...quoting from the article: what does the last sentence above mean? Are they talking about previous unpaid tax obligations on previous income? I assume a lot of wealthy people have money (and future income) outside of the US, and if they moved and renounced their citizenship, there wouldn't be a damned thing the IRS could do about it.  Help me understand that.

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Re: France Passes the 75% Tax on their Rich
« Reply #19 on: September 29, 2012, 02:05:29 AM »
Also, I'm reasonably sure I read somewhere that there are ways for US citizens to legally not pay any taxes to the IRS if they move abroad.
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Regolith

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Re: France Passes the 75% Tax on their Rich
« Reply #20 on: September 29, 2012, 02:24:45 AM »
Also, I'm reasonably sure I read somewhere that there are ways for US citizens to legally not pay any taxes to the IRS if they move abroad.

Yeah, it's called "drop your citizenship and never come back."
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Re: France Passes the 75% Tax on their Rich
« Reply #21 on: September 29, 2012, 03:21:51 AM »
You'd think Switzerland would be a good fit for some of them, but I read up on the requirements to obtain citizenship there. Well, they don't like immigrants there so much. Maybe the super-rich will go to Germany.  =D
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RoadKingLarry

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Re: France Passes the 75% Tax on their Rich
« Reply #22 on: September 29, 2012, 08:19:07 AM »
I knew it was meant to be a joke, but I'm tired of the misrepresentation of what happened. It is a discredit to the French, British, and Low Countries soldiers who fought and died. It also happens to discredit the Wehrmacht which means people underestimate what they were and what they did and thus lose the chance to learn the lessons they need from the campaign.

I've always considered such jibes to be aimed more at the leadership than the rank and file. As to that learning from history stuff. I've seen darn little evidence of that being of any interest to the current crop of world leaders.
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birdman

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Re: France Passes the 75% Tax on their Rich
« Reply #23 on: September 29, 2012, 09:06:56 AM »
I knew it was meant to be a joke, but I'm tired of the misrepresentation of what happened. It is a discredit to the French, British, and Low Countries soldiers who fought and died. It also happens to discredit the Wehrmacht which means people underestimate what they were and what they did and thus lose the chance to learn the lessons they need from the campaign.

The first was referring to prior wars, and was a joke.
The Germans DID occupy France, so a joke regarding their room and board expenses is valid, and doesn't refer to any perceived or actual military capability or the sacrifice of theirs,
The last, well, are you making the argument that the maginot line WAS effective?  And I don't mean "effective because it forces them to roll through the Ardennes and kill Belgians instead of going directly from Germany to France while not actually resulting in substantial delays of the advance because dammit, those Germans won't take armored units though woods..right?"

Not only that, I didn't refer to the British, Belgian, or Dutch at ALL.

Basically, chill out, not only has the French as a bunch of smelly flag waving surrender monkeys been around since, well, like the beginning of time, as most of European history (napoleonic wars  and various british/french "who's island is it" times notwithstanding) is basically "people from the east (usually those organized imperalistic ones with harsh consonants and extraordinarily long compound words) invade France...repeat"

As for discrediting the Wehrmacht?  Where did you pull that one out of?
« Last Edit: September 29, 2012, 09:39:25 AM by birdman »

Scout26

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Re: France Passes the 75% Tax on their Rich
« Reply #24 on: September 29, 2012, 10:44:38 AM »
1871 anybody?



 ;)


And the wealthy French are going to Britain.

http://www.ft.com/cms/s/0/afd4b39e-c9e5-11e1-a5e2-00144feabdc0.html

« Last Edit: September 29, 2012, 10:50:53 AM by scout26 »
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