France is going to cnduct an experiment on the effect of increased taxes. Outcome? (Obama, insurance)

[nicet4]

Wealthy hit hardest as France raises taxes

France’s socialist government announced a big one-off increase in wealth taxes on Wednesday....

snip

They will include President Francois Hollande’s election pledge of a 75 per cent marginal rate on annual incomes of more than €1m – and permanent increases in wealth taxes.

Why do they think raising tax rates will raise tax revenues?

This will be fun watching France dive head first into the socialist sewer of politics.

[summers73]

Even Obama loving liberals aren't so keen on it.


Will Smith Stunned At Proposed French Tax Rate After Praising Taxes - YouTube

[Bruin Rick]

Originally Posted by nicet4

Wealthy hit hardest as France raises taxes



Why do they think raising tax rates will raise tax revenues?

This will be fun watching France dive head first into the socialist sewer of politics.

75% is probably too high but I can certainly see taxing the richest at 50% which is what we should do here.

[summers73]

Originally Posted by Bruin Rick

75% is probably too high but I can certainly see taxing the richest at 50% which is what we should do here.

Will Smith agrees so long as it's just CEOs who have to pay for it and not him.

[wxjay]

Aren't we consistently told that the top marginal rate in this country was once 90%?

[summers73]

Originally Posted by wxjay

Aren't we consistently told that the top marginal rate in this country was once 90%?

It was just a good thing that no one really had to pay anywhere near that 90% amount. More like 40% or so, even for the super wealthy.

Almost Classical: The 90% Tax Rate Myth

[HappyTexan]

I don't think they are thinking about revenues. They just don't want austerity measures. So tax the rich instead.
All they have to do is look over at Greece to see how that turned out.

[Bruin Rick]

Originally Posted by wxjay

Aren't we consistently told that the top marginal rate in this country was once 90%?

It was but with all the deductions nobody paid even half that amount.

[summers73]

Originally Posted by HappyTexan

I don't think they are thinking about revenues. They just don't want austerity measures. So tax the rich instead.
All they have to do is look over at Greece to see how that turned out.

In Greece, paying taxes was for the documented working suckers.

[Vejadu]

Originally Posted by summers73

Will Smith agrees so long as it's just CEOs who have to pay for it and not him.

Hollywood is overflowing with people worth millions from their careers of playing make-believe, who claim the people who run companies that provide our food, medicine, energy, technology, insurance, banking are the evil capitalists who need to be taxed into oblivion.

Conversely, they say they wouldn't mind paying a mild tax increase themselves (but scoff at the concept of voluntarily paying more, which they can).