French Presidential Candidate Proposing 100% Tax On The Rich

Title says it all.

Link is here if you wish to view the article.

This tax would be on incomes over 400,000 euro which is $425,000. These income brackets are currently taxed at 45 percent.

Thoughts on tax rates for the rich? What do you think the tax system should look like and why? Think this is going to work out if he gets elected? I saw in the article that

President Francois Hollande proposed a 75% top tax rate in 2012, but the proposal was rejected by the French courts.

so I wonder if this can even get passed.

Happy Tuesday monkeys, keep on the grind.

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Comments (82)

Apr 18, 2017

I hope the idiotic French elect this guy so their already overly socialist society completely deteriorates, I feel like that's the only way they'll learn. These asshats are blaming the EU for their shitty economy when their regulations and laws have made it impossible to do business there. Let those fuckers eat cake.

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Best Response
Apr 18, 2017

are you sure this is BobTheBaker, and didn't just leave your laptop unattended at a Starbucks?

Apr 18, 2017

I was shocked too

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Apr 18, 2017

I am not a socialist. It is on record that I believe Bernie Sanders would've been worse for our economy than Donald Trump.

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Apr 19, 2017
C.R.E. Shervin:

are you sure this is BobTheBaker, and didn't just leave your laptop unattended at a Starbucks?

LOL, there have been, like, 5 threads in a row where BobTheBaker has produced the only rational thoughts in the thread. Gotta give the (proverbial) devil his due.

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Apr 19, 2017
BobTheBaker:

I hope the idiotic French elect this guy so their already overly socialist society completely deteriorates, I feel like that's the only way they'll learn. These asshats are blaming the EU for their shitty economy when their regulations and laws have made it impossible to do business there. Let those fuckers eat cake.

Do you realize that:
-the EU is responsible for plenty of that regulation you complain about
-the EU is the biggest responsible for tax avoidance in places like Luxembourg (made a tax haven by the current President of the European Commission Juncker)
-most French don't blame the EU anyway since they want to remain in it

Granted, Melenchon's proposal is idiotic and will result in pretty much everyone with a 400k plus income leaving France as it happened before with a similar proposal, but he's hardly the main problem.

But yeah boohoo 'entitled' European workers who won't work 14 hours a day for 2 cents like the Chinese. Globalization is the problem and if you think 'people will learn' by bankrupting France for a stupid tax you are delusional. They'll just hunt the tax dodging capital owner and put him through the guillotine.

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Apr 19, 2017
neink:

But yeah boohoo 'entitled' European workers who won't work 14 hours a day for 2 cents like the Chinese. Globalization is the problem and if you think 'people will learn' by bankrupting France for a stupid tax you are delusional. They'll just hunt the tax dodging capital owner and put him through the guillotine.

Don't the French have a 35-hour work week?

Apr 18, 2017

Lol Globalization is the problem, keep telling yourself that bro. The Germans are reaaaally struggling with globalization and those EU regulations right? The ridiculous worker protections, massive welfare state that basically encourages not working, and ridiculous corporate tax rates have nothing to do with it.

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Apr 19, 2017

Kill the communists.

Apr 19, 2017
BobTheBaker:

Let those fuckers eat cake.

***macarons

Apr 18, 2017

I never wanted to live in France anyways.

Apr 18, 2017

I have no desire to either, however it is still interesting.

Apr 18, 2017

Very interesting. The French never cease to amaze me.

Apr 18, 2017

Looking at Europe should be all the evidence one needs to never vote Democrat again. Taxes will never be high enough and a fair share will always mean paying more.

Apr 18, 2017

There is an equilibrium to taxes and my personal opinion is the rich/ corporations pay too little in the U.S. and pay too much in countries such as France. America should probably be more socialist and (much of) Europe should probably be more capitalist.

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Apr 18, 2017

Interesting take... I think some U.S. companies (if not most) are guilty of dodging taxes and finding ways out of paying proper taxes. If all corporations honestly filled out taxes and paid the govt. without the use of off shore tax shields, I think we would not need tax structure reform for corporations. However I fully support businesses using all resources to be as profitable as possible, which I get may be a tad hypocritical but "hey thats politics" -Charlie Kelly

Apr 18, 2017

When you combine all the taxes a person pays, you can easily get to 50%. The top 20% pay about all the taxes in this country.

If you want to discuss what we spend our money on, cool, but paying 50% or more of what you earn is a travesty. Maybe if we didn't spend a trillion on defense and killing random muslims we could have nice things and cut taxes.

Apr 19, 2017

Yeah, freedom sucks. Greece invented Democracy. Wouldn't it be nice if we had 50% unemployment too?

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Apr 18, 2017
TNA:

Looking at Europe should be all the evidence one needs to never vote Democrat again. Taxes will never be high enough and a fair share will always mean paying more.

"Fair share". This shit is straight out of Atlas Shrugged.

I assert that Ayn Rand was a genius; she was absolutely correct.

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Apr 18, 2017

Giving away money means that the economy and country sees an exodus. If this happens, I'd happily pick up the empty French land for pennies. French are always bending over and running like cowards.

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Apr 18, 2017

Think that would halt consumption and productivity once you hit the threshold potentially affecting GDP

Apr 19, 2017

It's disheartening to me that the communists murdered around 100 million people in the 20th century and less than 30 years after the fall of the Soviet Union a communist-backed candidate can get somewhere around 1/6 support of the French electorate. Although it should be noted that you can find 20% of the population in any country who believe in incredibly bizarre things, from conspiracy theories to pseudo-science.

Nevertheless, the popularity of a communist candidate in France just reaffirms the veracity of Reagan's comments--"Freedom is never more than one generation away from extinction." With that said, European polling has been atrocious recently, so it remains to be seen how much actual support Melenchon will get on election day.

With regard to the specific issue with taxes, I believe it was Art Laffer who pointed out the obvious--there are two tax rates that produce zero government revenue: 0% and 100%.

Apr 19, 2017

What a fucking assclown.

"It is not our circumstance that controls us, but our thoughts that control our circumstance." -James Allen

Apr 19, 2017

France worries me because they come out with stuff like this to only further their historically socialist ideology and all the while go around scooping up european companies (mostly italian) for their government backed conglomerates, effectively causing those new acquisitions to be hindered by their policies. Hopefully Essilor-Luxottica will be different becuase that truly is a new monopoly but who knows.

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Apr 19, 2017

I wonder when the "air breathing tax" for high earners will be implemented.. Warren 2020?

Apr 19, 2017

He has just lost his party the election, Le Pen will now win the election. This is a last ditch effort by the existing government to try and get the votes of the poor. It won't work, the last time they jacked up the tax on the rich they lost national icons to surrounding countries.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Apr 19, 2017

To clarify, what do you refer to regarding losing national icons to surrounding countries? Are you saying that rich people/famous people renounced their citizenship and moved to different countries such as Britain or Germany? Very interested in hearing more about this if you have some insights

Apr 19, 2017

When the last tax hike was proposed there were multiple famous people who just up and moved across the border, granted most of those who moved last time lived close to the border to begin with. If I remember right there were one or two famous heads of fashion companies who threatened to move if the measure passed. The problem the French have is that their people don't even have to renounce citizenship to get out of paying taxes. Most countries in the EU and the world for that matter tax people based on where they work not where they are citizens. The US is not in the majority with the way we do it here. This doesn't mean that French citizens who work in Germany get out of paying things like property taxes for property they own in France they just don't pay income taxes to France.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

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Apr 20, 2017

In a perfect world (for France) if you combine Francois Fillon's economic policies and Thatcherism, Emmanuel Macron's looks, and Le Pen's immigration views you'd probably have the best Presidential candidate in a long time.

Refocusing on why France is in such a rut it simply boils down to the fact that the French have never shaken off their views since the French Revolution. Hating those that are wealthy and successful, clamoring for a bigger safety net, along with some rather absurd policies grounded purely in emotion rather than backed by facts and data is why France will continue to suck.

Trying to setup a business and even then, running it while maintaining productivity is a challenge that I don't think a McKinsey consultant would like to take on. In my personal experience the French come off as very entitled and frankly lazy.

You want to work 35 hours maximum, have a pension, free healthcare, almost a month of paid vacation, maternity leave, and still make the equivalent of $65K+ a year?

Yeah fuck that I'd rather open up a manufacturing facility in Singapore where I can get a workforce just as educated (if not more) and willing to work longer hours to get shit done.

France needs a swift kick in the ass and a reality check. Get rid of the bloated bureaucracy, cut down on welfare spending, lower your taxes to a more reasonable level, adopt pro-business policies and get rid of as much red tape as possible, and grow a pair and do something about the Islamic threat in your country.

Attracting investors who realize they can make a profit without burdensome regulations will in turn create investment within the country and help to lower the unemployment rate.

Those that attain a good education (France from my understanding has a system where the system separates the cream of the crop from the deadbeats) WILL find employment and make good salaries (i.e. Germany) and those that can't or simply aren't able to help themselves...you honestly shouldn't give two shits about them anyways.

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Apr 19, 2017
RedRage:

Yeah fuck that I'd rather open up a manufacturing facility in Singapore where I can get a workforce just as educated (if not more) and willing to work longer hours to get shit done.

Just like the French have the right to totally embargo your company over that.
Have fun selling your shit in Singapore. If you want to sell to 60 million French then you do it at their own conditions.

Apr 20, 2017

@neink in my professional life I've found that trying to chase after the French market is not worth the headaches and the costs. Much happier existing the entire French market and selling to others.

If France wants to turn itself into a pariah state by all means, please do. Although I can imagine Total having a major problem with that (but lucky for us we have contacts in the French government that can make problems disappear).

Apr 18, 2017

Agreed on your points related to the French revolution but you could say the same about the U.S. and the American revolution and our extreme aversion to taxation.

Apr 21, 2017

I just see this post title and think about how it's wallstreetoasis's "TRIGGERED" {{{{{}}}}}}}