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People making 1 million Euros ($1.3m) or higher in France will now get taxed 75%.

France has unveiled its budget for 2013, avoiding big austerity spending cuts in favour of higher taxes on the wealthy and big businesses.

  • A new 75% tax on the richest earning more than 1 million euros
  • A 45% income tax rate on incomes over 150,000 euros a year
  • A freeze in government spending, excluding debt repayments and pensions
  • The elimination of a ceiling on "l'impot de solidarite sur la fortune", or wealth taxes, so that assets of more than 1.3m euros will be taxed at 1.5%
  • The reduction of tax exemptions for loan payments by large corporations
  • Capital gains and dividends will now be subject to the income tax regim
http://www.bbc.co.uk/news/world-europe-19754016
 

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We've already been there. in the 1950-60's the maximum tax rate was well above 75%. And the economy grew then.

Of course, that's only 75% on the amount OVER 1.5M Euros (~2M USD) in income.
 

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Okay 75% is waaay too fucking high... I could see some of those people in France finding a way around it. But to be honest, if I was in that situation I would find every way I could to pay as little to the government as possible so I can't say I blame our current multi-millionaires for paying (what the liberal news channels call) a little amount of taxes. I would be comfortable with paying a slightly higher percentage than the average based on my income, if I was in that income bracket, but 75% - no fucking way.
 

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The taxes may have been high but regulation was almost non-existent.
 

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We've already been there. in the 1950-60's the maximum tax rate was well above 75%. And the economy grew then.

Of course, that's only 75% on the amount OVER 1.5M Euros (~2M USD) in income.
Top tax rate back then was over 90%. Obviously the entire country was overtaken by socialist commie America hating Hitlers back then.
But there were also more deductions/shelters then, especially related to losses.

Additionally, in the 1950s, there was not as much competiton with overseas industry (since much of overseas was rebuilding from WW2). We did not have a trade deficit until the early 1970s, as I recall.
 
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