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| Re: New President of France Wants to Raise Top Tax Rate to 75% (971233) | |||
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Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by Charles G on Thu Aug 9 05:25:39 2012, in response to New President of France Wants to Raise Top Tax Rate to 75%, posted by SelkirkTMO on Wed Aug 8 20:38:17 2012. 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%.Nobody who knows what they are talking about would say such a thing. Unlike just about every other country, income earned by US citizens is taxable in the US no matter where it was earned. A French citizen's income is not taxable in France unless they are living in France. So a Frenchman (or Frenchwoman) can escape the high tax rate simply by moving to Switzerland or England. London is now something like the 5th biggest city for French citizens in the world. |
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