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| New President of France Wants to Raise Top Tax Rate to 75% (970946) | |||
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New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by SelkirkTMO on Wed Aug 8 20:38:17 2012 Part of the platform of newly elected French President Francois Holland is to raise the top income tax rate to 75% for incomes above 1 million euro (about $1.24 million). Needless to say, some rich people are threatening to leave the country if that happens. They could go to Belgium, Switzerland, Quebec, or maybe the United States. Typically when a politician says he will raise taxes on the rich, there is a lot of posturing like this, but usually it is only talk. While for some people, taxes are everything, when push comes to shove, not everyone is prepared to leave their children, grandchildren, relatives, and friends for lower taxes. Also, many of the very wealthy have companies that would be hard to run from abroad. If Obama wins the U.S. election and succeeds in raising the top marginal tax rate to a mere 39.6%, many rich people will no doubt say they are going to move to Canada where the top federal tax rate is only 29%. However the top provincial rate in Ontario is 11% and in British Columbia it is 14%, so moving there doesn't help at all. The province with the lowest top rate is Alberta with a flat rate of 10% but unless one is in the oil business, there is not a lot to do in Alberta. |
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