Top French court overturns 75 percent tax rate for rich

Link

Note: I just did an ATS search for this and was very surprised that I did not find it posted.

France’s highest legal body, the Constitutional Council, announced on Saturday it was overturning the Socialist government’s flagship 75 percent income tax rate for high earners, marking an embarassing setback for President François Hollande.

This is an amazing turn of events imo. The French people just elected the socialists to power cementing, imo, their race to financial collapse. For their judges to actually over turn this is a shock. I really like that they overruled it because it was not representative of "equal taxation". Gerard Depardieu drew attention to this issue when he moved to Belgium instead of facing such a tax rate. Liberals just do not seem to understand that the very rich can easily change countries if they desire. That is why the middle class will always be stuck with the bill for any increases. Will obama and the American socialists read the writing on the wall? Somehow I doubt it.

75% does seem a bit much but it is a piss take how taxes can be bypassed and all the loop holes that can be exploited especially if you have money (At least in OZ)

Tax businesses, Goods and services and investments correctly and there would be no need for an income tax

reply to post by IkNOwSTuff

Income taxes are just evil anyway. Why punish production? That just makes no sense. We should only tax consumption. The "fair tax" and tariffs are the only way to go unless we implement user fees.

reply to post by DarthMuerte


This is why the class warfare game always leads to economic collapse. The countries with lower tax rates will continue to attract the producers, leaving the countries basking in their class-warfare "victory."

I guess when you're poor you'll still be poor, but at least it feels good thinking about sticking it to the rich. Only problem is the next step is an oppressive government to eliminate freedom, especially freedom to move to another country.

Sadly, it seems like most of the younger generation is screaming to be taken care of and put into a pen instead of demanding their freedom be protected.

Hello
As I'm French I just want to tell you something OP : Yes we have a left-winged governement at this time , but the "top French court" as you described it ( Cour Constitutionnelle in french^^) is still right-winged by his majority...
So it's not really a surprise for that decision...The governement has already said they will try to make it voted in another form very soon...

Originally posted by Bennogob
Hello
As I'm French I just want to tell you something OP : Yes we have a left-winged governement at this time , but the "top French court" as you described it ( Cour Constitutionnelle in french^^) is still right-winged by his majority...
So it's not really a surprise for that decision...The governement has already said they will try to make it voted in another form very soon...

edit on 31-12-2012 by Bennogob because: add

Thank you for your input.
May I ask you some questions? Why do you feel entitled to 75% of someone else's earnings? Why would anyone work only to keep 25% of what they earned? Would you work for that?