Now That’s How You Do Wealth Redistribution: France’s Wealthy Taxed Above 100 Percent Of Income
French business publication Les Echos reported last week that the French government sent more than 8,000 wealthy households a tax bill last year that, incredibly, topped 100 percent of their income.
Those who earned more than 1.3 million euros were subject to hand all of their money — and then some — to the government, thanks to a special levy imposed by the Socialist government as a way of undoing a rebate plan the outgoing administration had, mercifully, devised to cap the tax rate at 50 percent of income.
A French administrative court has told President Francois Hollande that any taxation on individuals that exceeds 66.66 of their income is confiscatory. Before that ruling, Hollande had been preparing a proposal that would have allowed individual earnings of more than 1 million euros to be taxed at 75 percent. That would have a fulfilled a key campaign promise that, remarkably, helped get Hollande elected.
Ben Bullard Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.
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