75% Tax Rate On Wages?

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?

Written by

Steve Moss, CPA is a partner at Holden Moss CPAs and loves helping businesses and their owners grow to be the very best they can be. Our other offices include Raleigh, Oxford and Warrenton. We are a little different at Holden Moss CPAs. While we still provide traditional tax and accounting services, years ago we realized many clients wanted help in running their businesses and were hungry for ideas, solutions, strategy, and execution. In response, we expanded our skill set and joined Ran One, a global network of business consulting firms. Our membership with Ran One gives us access to proprietary resources and analytical software to help our clients grow, become more profitable and valuable, and have the lifestyle they desire. Now, blended into the fabric of our normal tax and accounting needs, we are focused on our clients’ businesses in a very different way. While our approach is not right for everyone, for those whom it is, incredible results may be obtained. Whether you have a new, or established, business, or for those in transition of selling or retiring, or for those who simply need to develop an exit strategy or succession plan, our unique approach to client service may be the edge you need.

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