France's 75% tax...

[MaximusRex]

So I saw this and it's pretty fucking disgusting.



http://www.bbc.co.uk/news/world-europe-19754016

Daylight robbery...

The Millionaire tax in the US used to be 90%. It payed for World War 2, the Eisenhower freeway system, and coincided with one of the most prosperous periods in US history. Oh, and most Millionaires paid no where near that due to deductions and loopholes.

It didn't stop people from becoming rich, more people actually did become rich, and the country had nice things, like levees that worked and roads not full of potholes.

[Sunseeker]

I understand it perfectly well and I still think it's bullshit. Once I'm only getting paid for 25% of my work, why should I keep working? I'd just pack it up and call it a year.

By saying this you obviously don't understand perfectly. You're not getting paid 25% for your work. You're only getting paid 25% for your work on the income from that work that is above the million euro line. All the income below the million euro line doesn't get taxed at 75%, but some lower tax-rate.

[Deleted]

But they're essentially forcing you to grow bigger and bigger so you can earn what you wanted in the first place... I don't want to own a conglomerate so I can earn enough after tax to fund a different business venture.

ah ok.. so we should nurture the megalomania and lust for money? and just let them be?!
there are taxes on luxury goods. so why is a tax that taxes income which can be only be interpreted as luxury

[Deleted]

I understand it perfectly well and I still think it's bullshit. Once I'm only getting paid for 25% of my work, why should I keep working? I'd just pack it up and call it a year.

Its funny that many people believe that you can, in fact, motivate people to work more when you take money away from then - but it is somehow only true for poor people. Rich people obviously would stop working the second they have to pay 1 of their millions of yearly income more!

[Puremallace]

Maybe not now. maybe not in 10 years, but just wait the day of reckoning for the US debt is coming do. Republicans want to play this shit of low taxes. Just watch and see once those interest rate sky rocket one day and the cost to borrow money shoots up.

It is coming pretty damn fast. As soon as/if the Euro stabilizes watch those investors leave the dollar.

btw for anyone wondering US tax rate used to be 50%+ for US Millionaires. Back when we used to be a Democracy and not a Feudalistic society of the Rich getting richer and the servants getting poorer and taxed more.

[N-7]

Isn't that 3/4 of what they make after 1M Euro? wow just wow... time to pack shops and relocate I say.

[even]

If you earn $1,300,001 you will only pay 75% for 1 buck.

[v2prwsmb45yhuq3wj23vpjk]

I understand it perfectly well and I still think it's bullshit. Once I'm only getting paid for 25% of my work, why should I keep working? I'd just pack it up and call it a year.

No you wouldn't. You'd evaluate the situation and learn how much money you were still making and continue to work.

[Wells]

I understand it perfectly well and I still think it's bullshit. Once I'm only getting paid for 25% of my work, why should I keep working? I'd just pack it up and call it a year.

If their taxes work at all like ours that's not how it would work at all.

[cherb]

I understand it perfectly well and I still think it's bullshit. Once I'm only getting paid for 25% of my work, why should I keep working? I'd just pack it up and call it a year.

You would not be getting only 25% of your money, if you understood how taxes worked, you wouldn't say that. Say you make 1 million a year (these are all arbitrary numbers for the sake of this)

You might be taxes @ 20% on the first 100,000. 35% on the money from 100,001-250,000. and so on. You are only taxed 75% on the amount above 1 million. Not the entire amount, because that would be dumb. If it worked on the entire amount, you'd be better off making less than 1 million because you'd take more money home, but that isn't how it goes.

[Authary]

From what I understood (I don't really follow since they elected him), "artists" and "athlets" aren't included. Panem et circenses, hmm ? The guy's been elected on that kind of symbolic measures...

Just gotta hit on those who make the country run, eh ? At least it'll be fun to watch from afar.

[FusedMass]

People in United States moan on forever complaining about paying 15 percent. Obama wants to make it 30. Compared to 75 I say that is a pretty sweet deal.

[Somebodyelse]

But they're essentially forcing you to grow bigger and bigger so you can earn what you wanted in the first place... I don't want to own a conglomerate so I can earn enough after tax to fund a different business venture.

PLEASE...Are you telling us you could NOT live a VERY decent life with 1M$ a year ?! I have absolutely no sympathy for you lol

[FathomFear]

I understand it perfectly well, I'm on the highest tax bracket in my country.

It's still disgusting.

If I recall your post complaining about that, your tax rate was still extremely small relatively speaking. I'm in Canada and pay around 38% income tax (federal + provincial combined) and I pay 15% sales tax on all non-essential goods and services.

It's all relative. While I think your tax is extremely low, there's someone else who probably thinks mine is low. Different countries are set up different ways. It's always within a person's power to relocate to another country that's structured differently.

[Deleted]

Haha, It almost completely takes away the incentive to become a big entrepreneur.

No.

It takes away the incentive to earn more than 1m euro a year as a big entrepeneur.

[DSRilk]

So I saw this and it's pretty fucking disgusting.



http://www.bbc.co.uk/news/world-europe-19754016

Daylight robbery...

Apparently you're unaware that the tax rates in the US have exceeded that for incomes far below 1 million in the past. Yet we still had thriving big business.

Anyone who tells you this kind of tax rate on the super wealthy will eliminate businesses is either ignorant or lying in order to benefit their own ends. If you doubt me, take 5 seconds to google "us historical tax rates". I'll avoid giving actual URLs lest someone get the idea that I'm leading them to some ideological end. Just do some basic research, people, please.

---------- Post added 2012-09-28 at 07:44 PM ----------

It's always within a person's power to relocate to another country that's structured differently.

Sadly, that's not true.

[Wells]

Sadly, that's not true.

Well if you're wanting to leave because of the top income tax rate odds are its easiest for you.

[Deleted]

Europeans: Sounds reasonable.
Americans: It's an outrage!

[Reeve]

If their taxes work at all like ours that's not how it would work at all.

I think he was saying once he's earned his 1,000,000€ for the year, say in April, and still had 8 months left in the year, why would he continue working at a 25% rate for the rest of the year instead of taking an 8 month vacation and only earning €1,000,000 for the whole year.

Personally, I think that if the economy could do without you for those 8 months, you weren't being that useful in the first place, and if it couldn't, well then someone else will step in and do that job, and I'm totally OK with you laying on your ass the rest of the year and letting someone else have the chance to earn.

[Kalyyn]

By saying this you obviously don't understand perfectly. You're not getting paid 25% for your work. You're only getting paid 25% for your work on the income from that work that is above the million euro line. All the income below the million euro line doesn't get taxed at 75%, but some lower tax-rate.

Claiming I don't understand how it works, then proceeding to explain to me something I already know. Where are you going with this?