French 75% Tax Rate on Wages clears courts
And you thought your taxes were high! Check this out. France, for the next two years, will tax wages in excess of $1.4 million at a 75% tax rate. A 50% duty will be paid by the employers, with the balance of 25% being paid by the employee.
French President Francois Hollande ran for office, appealing to a Socialist base, on a platform of higher taxes for the wealthy and was quoted as saying he “didn’t like” the rich.
The high tax has started an exit from France with many executives moving to London and other cities.
French actor Gerard Depardieu has been granted Russian citizenship after a very public war with the leaders of his country over high taxes on the rich. Depardieu is a furious voice opposing French president Francois Hollande’s attempt to raise taxes on the mega-rich to 75 per cent. Russia has a flat income tax of 13 per cent.
Could this spread to the US?