Want to Pay 100 Percent Tax? Move here!

In socialist France, you can actually pay taxes MORE than you earn.

More than 8,000 French households found this out the hard way as their tax bills topped 100 percent of their income last year,  the business newspaper Les Echos reported on Saturday, citing Finance Ministry data.

The anomaly, according to the newspaper, was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million).

This tax surcharge was implemented last year as one of the first acts of socialist President Francois Hollande’s government plan. His predecessor wanted to cap an individual’s overall tax at 50 percent of income.

take our poll - story continues below

Which Democrat Presidential Hopeful Has The Wildest Campaign Promise So Far?

  • Which Democrat Presidential Hopeful Has The Wildest Campaign Promise So Far?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to The Black Sphere updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

Trending: Finnish Scientists Prove Man-Made Global Climate Change is a SCAM

As for those who got taxed OVER 100 percent, help is on the way.

The government has been forced to redraft a proposed bill to levy a temporary 75 percent tax on earnings over 1 million euros, which had been one of Hollande’s campaign pledges. So the rich French now get to keep 25 percent of their earnings! And then France will grab most of that 25% with surcharges and other taxes.

The Constitutional Council has declared such a high rate of taxation unfair, leaving the government to rehash “l’impôt”  to hit companies, rather than individuals. According to Les Echos, a top administrative court has determined that a marginal tax rate higher than 66.66 percent on a single household risked being considered confiscatory by the council.

Liberals in America would like us to debate whether or not taxing at 67 percent is confiscatory. How would you like to have 2/3rd of your income confiscated, so you are left with only 1/3 to pay additional fees, surcharges, luxury taxes, and sales taxes?

Les Echos reported that nearly 12,000 households paid taxes last year worth more than 75 percent of their 2011 revenues due to the exceptional levy. ($1 = 0.8 euros).

Translated: There are about 12,000 families paying for the indulgences of the lazy French.


Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please hover over that comment, click the ∨ icon, and mark it as spam. Thank you for partnering with us to maintain fruitful conversation.