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Re: 75% Income Tax [France]
Actually, how it is supposed to work is (from the Times, behind a paywall)
Quote:
Under the redrafted law, approved by the court yesterday, companies will pay a 50 per cent levy on that part of all employees’ earnings which exceed €1 million (£835,000) a year.
Along with the country’s high payroll taxes, this will mean that employers will have to pay at least 75 per cent of the salary’s value to the state. The tax, which will be levied for only two years, will be capped at 5 per cent of the company’s turnover.....
...The Constitutional Council had earlier this year rejected as discriminatory the Socialist Government’s first attempt to introduce the supertax, which imposed a 75 per cent levy on incomes higher than €1 million a year. The court had noted that, under French law, taxes are calculated on household income rather than individual earnings. The Hollande law would therefore have imposed unfair treatment on those affected. ....
....The highest tax rate, paid by a tiny minority of households, remains at 60 per cent. Half of French wage-earners pay no income tax at all.
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