2012 saw a French 100% tax bill affecting thousands of households who literally saw all their income taken by the French government.
The French 100 percent tax bill affected 8,000 households, but many had “only” most of their income taken by the French tax collector:
“In addition to those taxed at over 100 percent last year, almost 12,000 households paid taxes worth more than 75 percent of their 2011 income and that a further 9,910 households were taxed at more than 85 percent of their income.”
The French 100 percent tax bill affects the incomes of households whose assets exceed 1.3 million Euros, or $1.67 million US dollars. This French 100 percent tax bill has apparently been on the rise after a “tax shield” cap, which limited the French tax rate to 50 percent, was removed by the French President Francois Hollande’s Socialist party government:
“In 2011, 5,221 households had a tax rate of more than 100 percent on their revenues. Some 6,203 households had a rate of more than 85 percent and 6,343 house holds a rate of more than 75 percent.”
The French Constitutional Council says a 100 percent tax rate is unfair, with a marginal tax rate higher than 66.66 percent on a single household being considered as confiscatory.
As previously reported by The Inquisitr, the idea behind the French 100 percent tax bill was bandied about in American politics as well during the Fiscal Cliff crisis. Based upon the $1 trillion plus Federal deficits, taxing the American rich (those making over $1 million) at 100 percent of their income would have raised only $616 billion, which only covered around half of the amount necessary to cover Federal spending.
What do you think about the French 100% tax bill?