Socialism: Taxes on some wealthy French top 100% of income last year
Yes, it’s true – thanks to a “one-off levy” and the income level it impacted may surprise you. $1.67 million in total assets ain’t what it used to be, after all. Get ready for it, America. This is where we’re headed and what are you going to do about it? Take on the IRS? Heh!
More than 8,000 French households’ tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data.
The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million).
President Francois Hollande’s Socialist government imposed the tax surcharge last year, shortly after taking office, to offset the impact of a rebate scheme created by its conservative predecessor to cap an individual’s overall taxation at 50 percent of income.