The left-wing French coalition hoping to introduce 90% tax on rich
The left-wing French coalition hoping to introduce 90% tax on rich
Multiple parties are jockeying for position in the aftermath of France's seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.
Multiple parties are jockeying for position in the aftermath of France's seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.
France's left wing New Popular Front (NPF) - now the largest group in parliament - has called for a prime minister who will implement its ideas including a new wealth tax and petrol price controls.
The leftist alliance secured the most seats in the recent French elections but fell short of the 289 needed for a majority in the National Assembly, France's lower house of parliament.
President Emmanuel Macron's Together bloc came in second and Marine Le Pen's far-right National Rally (RN) party finished third.
France's parties are now jockeying for position and it's unclear exactly how things will shake out, but the NPF has insisted it will implement its radical set of ideas.
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a new 90% tax on any annual income above €400,000 (£337,954)
Sexy, but as other commenters mentioned before, taxing existing wealth is more sexy
That's true, but taxing wealth is significantly harder than taxing income or financial transactions (including inheritances).
Inflation is probably the easiest way to achieve that. You just have to be careful that wages rise along.
That's another reason for increasing minimum wages, as they try to do.
Agree, focus on those loopholes that allow folks to have, for all intents and purposes, "income" without it actually counting. If you have spending money now that you didn't have in a spending form before that point, well that's income and we just need to make sure we cover all those scenarios that folks have figured out to "not count".
I imagine gross violations would be easy enough to detect - assuming it's something you actually use, anyway. Your buried treasure might be safe.
This type of taxation I would say is a version of the Ultimatum game. If the taxation is too high, they simply move and then you get nothing
https://en.m.wikipedia.org/wiki/Ultimatum_game
It has to be high enough, but not so high that they just move to Switzerland
Exit taxes for chuds.
Exit taxes are "one shot". You pay them when you move out and then enjoy a lower taxation level for the rest of your life. Not much of a deterrent, at best a last ditch attempt at grabbing a few more dollars as your highest tax payers leave.
Or you could make them so high that they are de facto an appropriation of funds.
You can't because the French Constitution and Human Rights guarantee the right to private property and a fair and proportional taxation. And that's likely similar all over the western world.
Lmao, human rights of private property my ass. Personal property is not the same as private property. Fair proportional taxation is 99 % at some bracket.
You could tax based on citizenship, could make it the same €400,000 limit so it doesn't effect normal expats and lower the rate a bit. Yeah the ultra rich can just buy citizenship in another country but many have at least a smidgeon of patriotism and won't want to lose there citizenship.
Only the US and Eritrea are stupid enough bullies to tax on citizenship. Terrible f'cking idea.
It is actually an excellent idea, because it ensures billionaires don't just move to Switzerland to evade taxes.
Income and gains should only be taxed in the jurisdiction they are earned. Only stupid Americans with a world view that consists of one country would argue otherwise. That's literally what tax is for. Not to fund your country in your absence.
They can vote while living abroad, if they can choose who others live under the others should be able to tax them.
In most places you cannot vote if you live abroad. In the US, you also cannot vote in anything but national elections of you don't reside in a state.
I'm saying that, it is the case they are one of two with citizen status taxes and there is at least some reasoning given you can vote while living abroad.
If "should" is all the argument you've got, I'm not convinced.
And only the US actually collects on it, because they are so at the heart of the financial world they can strongarm banks to report on their US clients.