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.
a new 90% tax on any annual income above €400,000
Lmao. Probably not gonna happen but based af
I think it’s a great target to aim for. That’s an unfathomable income to most people, so it should at least have popular support
Some will, but there’s an ever growing movement against gross wealth inequality. When simply buying groceries becomes a struggle for more and more people, that’s usually a telltale sign that the working class is going to start getting angry at the insatiable greed of those at the top.
The most likely thing that will happen is the rich renouncing citizenship and leaving the country.
Taxes don’t work like that. It’s only the portion above a level that’s taxed at that level.
Worked fine in America during it’s “great” days that all these Trump voters seem to yearn for
Funny how they want to ‘mAkE aMeRiCa GrEaT aGaIn’ but don’t want any of the policies that made America great, just the shitty racist ones that made life awful for non-white males. I’m just waiting for them to further limit it by land holding or wealth at some point… Really take us back to when we were ‘really great’
Love it. Wealthy in France is 200k, anyone who makes over 400k is uberwealthy
400k is a monthly salary of 33000€
You can live very comfortably from a tenth of that where i live in germany, which is a notoriously expensive city. So yeah even if you just barely go over the limit and have to live with a tenth of those 400k, you would still be completely fine.
This is all ignoring already saved up wealth ofcourse.
TLDR im dumb
It doesn’t even work like that: only the “extra” revenue above 400k would be subject to the 90% tax, everything below that would still be subject to standard tax rates
even if you just barely go over the limit and have to live with a tenth of those 400k
Progressive taxation doesn’t work like that, the 90% tax bracket in this case would only apply to the income someone earned over €400K. Everything they earn under that amount is taxed at much lower rates, the same rates as people who have lower income
Yea 400k won’t happen, I could see something in the low millions being palatable to populace at large
Seriously, that’s how much a doctor makes while carrying $300k in student loans. Yes, these are US numbers, and I’m sure France has both lower salaries and much lower or no student loans. But the point stands that $400k is a really high salary but not necessarily wildly wealthy if you are paying more in student loans than you do for your house.
What this will accomplish is force newly rich people to stay in their class while the wealthy class people get no change at all since they don’t have a high salary. The wealthy stay wealthy while the poor have no chance to become wealthy, only merely rich.
Student loans are tax deductible (in the US at least). So if a large portion of your salary is paying off loans you don’t get taxed on that portion at all.
I hope it gets done so they can fund social programs. But the rich will flee to Germany
Maybe I’m just not used to the income needed in major cities in France, but that seems like pretty high tax rate for the income in major cities like Lyons or Paris. Can someone give me a little context? Does France do graduated brackets like the US? If that’s the case then I could see this being pretty fair.
They do. Someone with a salary of €400,000 would take home approximately €242,000 after income tax.
Up to €10,777: 0% tax rate
From €10,778 to €27,478: 11% tax rate
From €27,479 to €78,570: 30% tax rate
From €78,571 to €168,994: 41% tax rate
More than €168,994: 45% tax rate
According to The EIU, the cost of living in Paris is similar to San Francisco.
Does France do graduated brackets like the US?
Is there any place that does taxes without brackets, just flat “pass this number and suddenly lose half of everything”? Does that even exist outside the imagination of Americans who have never understood or looked at taxes? Brackets should be the definition of income taxes, is it not? It’s not an economic tariff applied regardless the volume of merchandise passing a frontier.
