Leading French presidential candidate's 75 percent tax

[ViperOverLord]

Source

The leading French president candidate, Socialist Party candidate, François Hollande has proposed a 75 percent tax on anybody making 1 million dollars or more.

[rdsrds2120]

Interesting. I wonder how that'll affect the polls.

-rd

[BigBallinStalin]

Aren't most, or all, of the French labor unions exempt from antitrust laws?

[spurgistan]

Your quick reminder that this refers to marginal income over euro sign 1,000,000. Nobody will be taxed at a 75% effective rate. Also, he's going to get rid of most loopholes. And he's cutting corporate taxes pretty hard. So there's that.

[Symmetry]

Just as a heads up, France uses Euros, rather than Dollars. Carry on.

[ViperOverLord]

Just as a heads up, France uses Euros, rather than Dollars. Carry on.

Good call. Though how much that will truly matter remains to be seen as I doubt international money fluctuations will be considered going forward if the tax hike is approved.

$1 Million Euros = $1,331,500.00

Your quick reminder that this refers to marginal income over euro sign 1,000,000. Nobody will be taxed at a 75% effective rate. Also, he's going to get rid of most loopholes. And he's cutting corporate taxes pretty hard. So there's that.

I'm glad you clarify that. Personally I'd still stop at my first million though. Most people would (especially entrepreneurs as opposed to executives who can often find easy money.)

[Symmetry]

I guess I'm being pedantic at this point, but $ is the sign for dollars. € is the sign for Euros. Or you can just say 1 million Euros if you don't have a key on your keyboard for it.

[Haggis_McMutton]

I guess I'm being pedantic at this point, but $ is the sign for dollars. € is the sign for Euros. Or you can just say 1 million Euros if you don't have a key on your keyboard for it.

Woah, I just realised I don't have a euro or pound key on this keyboard.
Feels, weird.

[Symmetry]

I guess I'm being pedantic at this point, but $ is the sign for dollars. € is the sign for Euros. Or you can just say 1 million Euros if you don't have a key on your keyboard for it.

Woah, I just realised I don't have a euro or pound key on this keyboard.
Feels, weird.

Socialism in action right there on your keyboard. You should remove it, and burn it.

[john9blue]

lol wow guys.

you should feel a little bad about being completely clueless about the french currency.

regarding the topic: 75% marginal tax rate is kind of ridiculous at any level of income.

[GreecePwns]

I can see the Onion headline now: Socialist Party in Foreign Country Implements Socialist Policy, Non-Socialists Bothered

[Symmetry]

lol wow guys.

you should feel a little bad about being completely clueless about the french currency.

regarding the topic: 75% marginal tax rate is kind of ridiculous at any level of income.

Not sure it's ridiculous for any level of income, but perhaps for the 1 million Euro threshold. The US has run similar, and even larger levels of income taxation in the past and still prospered, albeit at higher threshold levels.

Link

[BigBallinStalin]

lol wow guys.

you should feel a little bad about being completely clueless about the french currency.

regarding the topic: 75% marginal tax rate is kind of ridiculous at any level of income.

Not sure it's ridiculous for any level of income, but perhaps for the 1 million Euro threshold. The US has run similar, and even larger levels of income taxation in the past and still prospered, albeit at higher threshold levels.

Link

real v. nominal value matters. And even after adjusting for inflation, real prices aren't shown (e.g. how much one can buy per labor-hour).

Increase taxes on higher incomes, and larger dead weight losses will occur (i.e. losses in the volume of trade). So, there's the "seen and unseen" issue. You can't witness trade that couldn't occur due to higher taxes.

[john9blue]

Not sure it's ridiculous for any level of income, but perhaps for the 1 million Euro threshold. The US has run similar, and even larger levels of income taxation in the past and still prospered, albeit at higher threshold levels.

Link

those were during times of war. you're sure the same thing could work in a peaceful economic climate?

real v. nominal value matters. And even after adjusting for inflation, real prices aren't shown (e.g. how much one can buy per labor-hour).

Increase taxes on higher incomes, and larger dead weight losses will occur (i.e. losses in the volume of trade). So, there's the "seen and unseen" issue. You can't witness trade that couldn't occur due to higher taxes.

psshaw, unseen losses are just "unintended consequences", and we both know how unimportant those are...

[Symmetry]

Not sure it's ridiculous for any level of income, but perhaps for the 1 million Euro threshold. The US has run similar, and even larger levels of income taxation in the past and still prospered, albeit at higher threshold levels.

Link

those were during times of war. you're sure the same thing could work in a peaceful economic climate?

I suppose it depends what you mean by times of war. The figure for top rates above 75% were from 1936 to 1964. In 1936, the US was not at war, and the tax reductions post 1964 came in the middle of the Vietnam war. Currently the US is at war. I'm not sure I see the direct link.