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| New President of France Wants to Raise Top Tax Rate to 75% (970946) | |
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| (970946) | |
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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Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by LuchAAA on Wed Aug 8 20:41:09 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. Rich French people are moving to London. London already has one of the largest French populations outside France, behind Montreal.Obama is wanting to raise taxes on people making more than $250K. Google the tax brackets. Top marginal rate is close to $400k. |
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| (970951) | |
Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by SelkirkTMO on Wed Aug 8 20:46:46 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by LuchAAA on Wed Aug 8 20:41:09 2012. Yeah, I can just imagine the French in London traffic. :)Point in the article though is that despite all the bluster, next to nobody moves, and when they do, it doesn't work out well. Of course, the republicans COULD walk back their worries about that pesky deficit just like they did under Reagan and both Bushes ... |
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| (970955) | |
Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by LuchAAA on Wed Aug 8 20:50:16 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by SelkirkTMO on Wed Aug 8 20:46:46 2012. Did you hear about Obama's latest welfare stunt?He's trying to bait opponents so someone goes on a welfare rant. Obama is desperate. I know a couple who moved to Belize and they're not rich but do have money. Top marginal rate is around $400,000. Obama is raising taxes on top two brackets. |
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| (970970) | |
Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by SelkirkTMO on Wed Aug 8 20:58:59 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by LuchAAA on Wed Aug 8 20:50:16 2012. Annnnnnnnnd ... Romney eated it! :)http://www.google.com/search?q=romney%20welfare What a bunch of dumbasses! Heh. |
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Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by bingbong on Wed Aug 8 21:05:19 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by LuchAAA on Wed Aug 8 20:50:16 2012. The only welfare stunt I've heard about was Willard taking yet another directive to the states out of context.The idea was to allow states to set their own work/study ratios for recipients which got twisted into Federal waivers for individuals. HHS only hands out money to states based on their guidelines, states and localities administer welfare programs. So that's not possible to begin with. CBS News (network) ran the story. |
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| (971039) | |
Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by orange blossom special on Wed Aug 8 22:34:26 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. It seems he needs another beach house and private jet. |
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| (971041) | |
Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by SelkirkTMO on Wed Aug 8 22:36:44 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by orange blossom special on Wed Aug 8 22:34:26 2012. And a string of poloponies. :) |
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| (971233) | |
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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| (971235) | |
Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by SelkirkTMO on Thu Aug 9 05:31:00 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by Charles G on Thu Aug 9 05:25:39 2012. I'll have to defer to the writers at politico.com, that's where it came from. But we've heard those threats before and they're amusing. :) |
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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 06:51:33 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by SelkirkTMO on Thu Aug 9 05:31:00 2012. The threats I recall are various Celebrity Liberals vowing to leave the company if GW Bush was re-elected. Much to my dismay, they did not follow through on their promises.It will take more than just a 75% tax rate on million-dollar earners to bring certain things on -- but I know that many companies, including some companies absolutely identified with France have been exploring how they can re-domesticate themselves out of France if the situation becomes untenable. |
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| (971278) | |
Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by SelkirkTMO on Thu Aug 9 06:58:16 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by Charles G on Thu Aug 9 06:51:33 2012. Of course! And we're still waiting for Rush to move to South America along with Trump ... and Rupert's still here too. C'mon, man ... this is America, home of the crybabies. And well ... France too. :) |
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Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by SMAZ on Thu Aug 9 10:47:14 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by Charles G on Thu Aug 9 05:25:39 2012. A French citizen's income is not taxable in France unless they are living in France.They are taxed on all income earned in France even if they don't physically reside there. |
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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 11:45:40 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by SMAZ on Thu Aug 9 10:47:14 2012. Thanks. But they are not taxed on income earned in England or Switzerland -- I think that is the bigger point. |
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Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by Chris R16/R2730 on Thu Aug 9 11:52:01 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by Charles G on Thu Aug 9 05:25:39 2012. 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.Do you know I engaged in a 2 hour Twitter war with 3 people on this issue last month who insisted that was not true. Still not sure why I didn't just walk away. Probably because I was positive they were serious, not trolling. |
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Re: New President of France Wants to Raise Top Tax Rate to 75% |
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Posted by Olog-hai on Thu Aug 9 11:54:46 2012, in response to Re: New President of France Wants to Raise Top Tax Rate to 75%, posted by Charles G on Thu Aug 9 05:25:39 2012. They were taking off for London once the news of Hollande's victory was announced. They knew what was coming. |
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