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davidg

8000 French Families Paid More Than 100% Tax Last Year

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Over 8000 French families paid more than 100% of their revenue in tax last year.

http://www.lesechos.fr/economie-politique/france/actu/0202771255481-8-000-foyers-ont-paye-plus-de-100-d-impot-en-2012-567537.php

although the former minister in charge of tax evasion, Jerome Cahuzac was not amongst them having craftily hidden his "consulting" fees from drugs companies when he was an advisor to the health minister in a Singapour bank account.

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At one point in theis country it was possible to be taxed at over 100% on income. I think that i was when Dennis, 'I'll tax the rich until the pips squeak' Healey was in No 11. The combination of high marginal rate along with various surcharges added up to over 100%.

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I don't really know anything about the French tax system, but they don't have PAYE, so I guess anyone becoming unemployed could end up paying more in their previous year's due tax, than their current earnings/benefits. But I suppopse they match the payments to the relevant year for the stats. I suppose I should have read the article first.

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Nope. It is the new 75% tax band. They charged it a year retrospectively.

This isn't in place yet.

The reason some people in France paid "more than 100% tax" last year is because of wealth taxes, which you only pay on wealth in excess of about 1million euros.

So, if someone isn't working, but is instead sitting on large piles of money, they will pay a tax rate which is technically greater than their income. We need a wealth tax in this country - something like a land value tax would work wonders deflating the property bubble.

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This isn't in place yet.

The reason some people in France paid "more than 100% tax" last year is because of wealth taxes, which you only pay on wealth in excess of about 1million euros.

So, if someone isn't working, but is instead sitting on large piles of money, they will pay a tax rate which is technically greater than their income. We need a wealth tax in this country - something like a land value tax would work wonders deflating the property bubble.

Nail, meet hammer.

The wealth tax in question is called the ISF (Impot Sur la Fortune) and it's not new. If you're stinking rich but don't work (or work flipping burgers at McDonalds) then your taxes will be greater than your income.

Complete non-story.

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  • 241 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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