France unveils a budget heavy on taxes - Yahoo! News
I'm staggered by the percentage of tax. Surely those with millions will still afford the best expertise to protect their money, while it penalises those in the higher mid range and above striving for more. And penalising business with more capital gains tax too....
.... said:PARIS (AP) — The French government presented a budget Friday that was heavy on taxes — including a controversial 75 percent income rate on high earners — but which critics said lacked fundamental reforms that could jumpstart economic growth
Because Hollande promised that he would slash the country's deficit to 3 percent next year — a limit required by European rules — the government must find €30 billion in savings. One-third will come in spending cuts, with the rest in new or higher taxes on the wealthy and big companies, including a 75 percent tax on incomes over €1 million.
Among the other measures included are: a new income tax level at 45 percent for those making more than €150,000, an increase of capital gains taxes to bring them more in line with how salaries are taxed, and a cap on certain deductions for large companies on their income taxes.
The 75 percent tax will last for two years and has always been billed as a symbolic measure since it will bring in very little revenue. Several businessmen and politicians in the opposition have said that's exactly what's wrong with the 2013 budget: It sends the message that France doesn't like the rich and isn't open for business.
I'm staggered by the percentage of tax. Surely those with millions will still afford the best expertise to protect their money, while it penalises those in the higher mid range and above striving for more. And penalising business with more capital gains tax too....
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