75% tax has happened

[RACER X]

http://www.bbc.co.uk/news/world-europe-19754016

France budget: Top 10% of earners to see taxes rise

French Prime Minister Jean-Marc Ayrault has said that nine out of 10 citizens will not see their income taxes rise in the new budget.
He has confirmed that there is to be a new 75% tax rate for people earning more than 1m euros (£800,000; $1.3m) a year.

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there are alot of top 10% earners on the board, don't think any are in the $1.3m a yr club though

[fatbuckRTO]

How was there not a revolution once they hit the 50% mark? Don't the rich people in France know that they can get poor people to fight their battles for them?

[Homeslice]

1) tax rates are incremental not total, so it isn't 75% of all your income, it's 75% of the portion that was above a certain $ amount. The rest of your income is taxed at lower rates.

2) I seem to recall that the US had similar rates once before

[pauldun170]

1) tax rates are incremental not total, so it isn't 75% of all your income, it's 75% of the portion that was above a certain $ amount

2) I seem to recall that the US had similar rates once before

U.S. Had MUCH higher top bracket rates
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213
http://www.ntu.org/tax-basics/history-of-federal-individual-1.html
(keep in mind its bit more complicated the just top and bottom brackets in the chart)

http://www.taxpolicycenter.org/taxfacts/listdocs.cfm?topic3id=39&topic2id=30

[Homeslice]

U.S. Had MUCH higher top bracket rates
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213
http://www.ntu.org/tax-basics/history-of-federal-individual-1.html
(keep in mind its bit more complicated the just top and bottom brackets in the chart)

http://www.taxpolicycenter.org/taxfacts/listdocs.cfm?topic3id=39&topic2id=30

But remember, once the rates are reduced, Americans have the "right" to never see them increased, ever again.

[pauldun170]

But remember, once the rates are reduced, Americans have the "right" to never see them increased, ever again.

:lol
Wars...disaster...economic crisis?

"Nah brah...yall need to stop buying all those damn new sneakers. I aint giving you a GAT DAMN thing!! fucking gubment trying to grab MAH cheddar....
Support the troops. Liberty. Freedom and shit like that"

Or for the more discerning interweber..
"Dear sir...liberty demands that I refuse your request for taxation as any money taken from my paycheck will only end up in the hands of black people and illegal immigrants. They already number in the billions and earn more from welfare checks than the rest of us hard waorking liberty loving freedomites. Its right there in the constitution if you ever bother to READ it!!"

[Homeslice]

:lol
Wars...disaster...economic crisis?

"Nah brah...yall need to stop buying all those damn new sneakers. I aint giving you a GAT DAMN thing!! fucking gubment trying to grab MAH cheddar....
Support the troops. Liberty. Freedom and shit like that"

Or for the more discerning interweber..
"Dear sir...liberty demands that I refuse your request for taxation as any money taken from my paycheck will only end up in the hands of black people and illegal immigrants. They already number in the billions and earn more from welfare checks than the rest of us hard waorking liberty loving freedomites. Its right there in the constitution if you ever bother to READ it!!"

Or.....
"Hell yeah baby, bomb those mofos back to the stone age, I don't know anyone in the middle east anyway, they got brown skin and funny beards anyway, so fuck em. I dont care how you pay for it, just as long as you dont raise taxes on the wealthy, cuz got dammit, one day ima be wealthy too."

[pauldun170]

funny yo mention that
http://news.yahoo.com/where-did-mammoth-us-budget-deficits-come-211927495.html

[Sean]

Do we all want to return to the 95% top tax rate that we once had?

[Homeslice]

Do we all want to return to the 95% top tax rate that we once had?

No, but why does everyone act like the country will fall apart if Bush's TEMPORARY tax cuts are allowed to expire?

[Smittie61984]

Do we all want to return to the 95% top tax rate that we once had?

FDR tried to get it to 100% in the late 1930s.

No, but why does everyone act like the country will fall apart if Bush's TEMPORARY tax cuts are allowed to expire?

I think the issue is more that wether bush's temp tax cut goes up or down won't make a difference. If Bush's tax cuts go away and we raised everyone's taxes to 100% it still won't cover this year's budget much less do anything to take us out of our defecit. Higher or lower taxes isn't the issue so why not let everyone keep more money. What really needs to happen is the government needs to lower its spending. When they do that then we'll talk about giving them more money.

[fujimoh]

And don't forget about the AMT that is hiding and waiting to ambush middle class taxpayers in America