davidg Posted May 21, 2013 Share Posted May 21, 2013 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. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted May 21, 2013 Share Posted May 21, 2013 What did they live on then, welfare? Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted May 22, 2013 Share Posted May 22, 2013 What did they live on then, welfare? I'm guessing they were paying back-taxes for hidden earnings from previous years. Quote Link to comment Share on other sites More sharing options...
Tiger Woods? Posted May 22, 2013 Share Posted May 22, 2013 I'm guessing they were paying back-taxes for hidden earnings from previous years. Nope. It is the new 75% tax band. They charged it a year retrospectively. Quote Link to comment Share on other sites More sharing options...
Rare Bear Posted May 22, 2013 Share Posted May 22, 2013 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%. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted May 22, 2013 Share Posted May 22, 2013 Nope. It is the new 75% tax band. They charged it a year retrospectively. Near enough the same thing. Quote Link to comment Share on other sites More sharing options...
Steppenpig Posted May 22, 2013 Share Posted May 22, 2013 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. Quote Link to comment Share on other sites More sharing options...
Dr_Mibbles Posted May 22, 2013 Share Posted May 22, 2013 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. Quote Link to comment Share on other sites More sharing options...
Dr_Mibbles Posted May 22, 2013 Share Posted May 22, 2013 (edited) (double post) Edited May 22, 2013 by Dr_Mibbles Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted May 22, 2013 Share Posted May 22, 2013 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. Quote Link to comment Share on other sites More sharing options...
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