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[TD][B]Hollande: '€30 billion must be found'[/B]
French Socialist President Francois Hollande has outlined a two-year plan to overhaul the country's stagnating economy and to boost employment. The President conceded the task ahead to stimulate growth and restore public finances would be formidable, but promised in a live TV address on Sunday (9 September) to achieve results by 2014.
"My mission is a recovery plan and the timeframe is two years," he said.
The country's hope of 1.2 percent growth for 2013 was recently dashed as figures indicated the economy will probably expand by just 0.8 percent next year.
With unemployment passing 10 percent for the first time since 2002 and increasing, the French leader tried to persuade the public that an increase in taxes would help lower the budget deficit to 3 percent of GDP in 2013.
"Thirty billion [euros] must be found," said Hollande.
He added that all the ministries, with the exception of education, security and justice, would have to reduce their costs by a total of €10 billion. Companies will contribute an additional €10 billion in taxes, with the remaining €10 billion levied on households.
[B]
Tax the rich[/B]
He also reaffirmed a new 75 percent tax on people earning more than €1 million a year, reportedly causing a stir among some of France's wealthiest.
The tax would affect between 2,000 to 3,000 people.
On Saturday, France's richest individual, Bernard Arnault of the luxury goods consortium LVMH, said he would apply for Belgian dual citizenship, according to the Belgian daily, La Libre Belgique.
Arnault says his decision has nothing to do with the 75 percent tax and that his fiscal homestead would remain in France.
Hollande on TV noted there would be no exceptions on the wealthy and said: "He [Arnault] must weigh up what it means to seek another nationality because we are proud to be French."
France's economy has failed to expand in the past three quarters and just over 3 million people are now unemployed.
In August, troubled car-maker Peugeot Citroen announced it would cut some 8,000 jobs in the country, with labour unions threatening widespread strikes if the government does not intervene.
Hollande said he would reverse the unemployment curve by 2014 and promised to create an additional 100,000 new jobs before the end of the year.
His government will also pressure businesses and unions to quickly reform the labour market. Should the two fail to put forward viable proposals that would offer greater worker protection but allow companies to be more flexible in hiring and firing, he said his government would intervene to impose the labour market reforms itself.[/TD]
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[URL]http://euobserver.com/economic/117484[/URL]
[quote]75 percent tax on people earning more than €1 million a year[/quote]
won't someone think of these poor millionaires?!
I'm assuming that any money earned over 1m is taxed at 75%? That sounds reasonable. But I can't imagine the shitstorm that would happen if anyone ever suggested something like this in the USA.
[QUOTE=Kybalt;37614143]won't someone think of these poor millionaires?![/QUOTE]
Like there'll be any left in the country when it's introduced
Wow. That's bullshit. I think the rich should pay a bit more than someone that is living from paycheck to paycheck but 75% is about 25-30% too much.
[QUOTE=Kybalt;37614143]won't someone think of these poor millionaires?!
But I can't imagine the shitstorm that would happen if anyone ever suggested something like this in the USA.[/QUOTE]http://www.politico.com/news/stories/0112/72007.html
Bill Gates and Warren Buffet disagree.
[QUOTE=Kybalt;37614143]won't someone think of these poor millionaires?!
I'm assuming that any money earned over 1m is taxed at 75%? That sounds reasonable. But I can't imagine the shitstorm that would happen if anyone ever suggested something like this in the USA.[/QUOTE]
Yeah, it's the money you make over 1 mill. It's still weird if you ask me.
[QUOTE=Daniel M;37614178] but 75% is about 25-30% too much.[/QUOTE]
But the current top tax scale is already 45%.
:v:
[QUOTE=ItsMozy;37614202]But the current top tax scale is already 53%.
:v:[/QUOTE]
Unless the government is doing enough to justify 53% of someone's income, it should be decreased.
[QUOTE=Jackald;37614226]Okay, before anyone says "WOW THIS IS UTTER BULLSHIT" let me re-iterate.
This is a tax of 75% of everything you earn OVER 1 million. So if you earn 1 million, you get all of it, but if you earn 10 euros over that, then you only see €2.50 of it.[/QUOTE]
Exactly, and if you earn more than 1 million, I'm pretty sure you can live pretty fucking better than anyone in the country no matter the tax rate.
This is not about "fucking the rich over" like many american soccer moms earning 1k$ a month would think, this is about fighting the economic shithole we're in in a fair way.
[QUOTE=Jackald;37614226]Okay, before anyone says "WOW THIS IS UTTER BULLSHIT" let me re-iterate.
This is a tax of 75% of everything you earn OVER 1 million. So if you earn 1 million, you get all of it, but if you earn 10 euros over that, then you only see €2.50 of it.[/QUOTE]
If you made only a little over a million, maybe 1.5 million I could see this being an alright deal but think about the CEOs of big businesses. They're really getting fucked over by giving 3/4ths of whatever they make beyond that point.
Who the hell needs more than one million a year anyway? I mean, really? I see no problem with this.
[QUOTE=Daniel M;37614248]If you made only a little over a million, maybe 1.5 million I could see this being an alright deal but think about the CEOs of big businesses. [B]They're really getting fucked over[/B] by giving 3/4ths of whatever they make beyond that point.[/QUOTE]
Yeah right, they'd have to wait a month or two before constructing that expensive mansion they dream of. I feel bad for them.
[QUOTE=-Get_A_Life-;37614266]Yeah right, they'd have to wait a month or two before constructing that expensive mansion they dream of. I feel bad for them.[/QUOTE]
I'd like to see you say the same thing if you were making a million plus.
Kinda wish this were a thing over in the US. Seriously....why the hell would you need more than a million a year?
[QUOTE=Solo Wing;37614294]Kinda wish this were a thing over in the US. Seriously....why the hell would you need more than a million a year?[/QUOTE]
Because they (might have actually, maybe not) earned it?
[QUOTE=Daniel M;37614222]Unless the government is doing enough to justify 53% of someone's income, it should be decreased.[/QUOTE]
Don't forget that France, and many european countries, have the best healthcare en educational systems in the world.
[QUOTE=Solo Wing;37614294]Kinda wish this were a thing over in the US. Seriously....why the hell would you need more than a million a year?[/QUOTE]
Because MORE MORE MORE MORE
[QUOTE=ItsMozy;37614307]Don't forget that France, and many european countries, have the best healthcare en educational systems in the world.[/QUOTE]
Agreed. I actually envy their government because of that but is it honestly worth 75% of a multimillionaire's income? That's a [b]LOT[/b] of money being taken from someone's personal assets.
[QUOTE=Daniel M;37614305]Because they (might have actually, maybe not) earned it?[/QUOTE]
There is a point where you have so much money it doesn't even make sense.
Keep in mind this is only concerning any amount of money superior to 1m. It doesn't mean someone who earns 1m a year will suddenly fall to 250,000 a year.
Seriously this tax is as good as it can get, it's beneficial for the state and the impact of bigger fortunes is so minimal they would not even notice it if they weren't so butthurt about earning a slightly less ludicrously huge amount of money every year.
[editline]10th September 2012[/editline]
[QUOTE=Daniel M;37614323]Agreed. I actually envy their government because of that but is it honestly worth 75% of a multimillionaire's income? That's a [b]LOT[/b] of money being taken from someone's personal assets.[/QUOTE]
It's NOT 75% OF HIS INCOME, it's 75% of any euro that he earns AFTER REACHING 1 million.
Essentially this does not mean he goes from 1,000,000 to 250,000 every year, more like from 1,000,100 to 1,025 every year.
Sounds good in theory, BUT it might mean that some of the Dutch tycoons might end up taking their business elsewhere to somewhere with lower taxes.
[QUOTE=ItsMozy;37614307]Don't forget that France, and many european countries, have the best healthcare and educational systems in the world.[/QUOTE]Not to mention one of the best public transit and HSR systems in the world.
[QUOTE=Ganerumo;37614338]There is a point where you have so much money it doesn't even make sense.
[/QUOTE]
A million Euros in personal assets is not that point though. If it were 5-10 million Euros, I'd totally agree. No one needs a garage full of Lamborginis and Bugattis they never drive.
[QUOTE=Cheesesack;37614265]Who the hell needs more than one million a year anyway? I mean, really? I see no problem with this.[/QUOTE]
not saying that they shouldn't be taxed but a lot of these rich people invest in things, that's how they become rich. They keep all of their money moving around so that they can maintain it instead of just leaving it in a bank
[QUOTE=Daniel M;37614370]A million Euros in personal assets is not that point though. If it were 5-10 million Euros, I'd totally agree. No one needs a garage full of Lamborginis and Bugattis they never drive.[/QUOTE]
What's the difference between 1 and 5 million a YEAR ? With a single million euros a year you could already live a very good life.
Plus, most of the people who are concerned by this law don't win exactly 1m a year. Most of them are way above it.
[editline]10th September 2012[/editline]
[QUOTE=Goodthief;37614432]not saying that they shouldn't be taxed but a lot of these rich people invest in things, that's how they become rich. They keep all of their money moving around so that they can maintain it instead of just leaving it in a bank[/QUOTE]
You can still invest with 1 million a year, let alone the 5 to 10 million most of the people concerned by this law have.
[QUOTE=Ganerumo;37614453]What's the difference between 1 and 5 million a YEAR ? With a single million euros a year you could already live a very good life.
Plus, most of the people who are concerned by this law don't win exactly 1m a year. Most of them are way above it.
[editline]10th September 2012[/editline]
You can still invest with 1 million a year, let alone the 5 to 10 million most of the people concerned by this law have.[/QUOTE]
The number is set too low. Yeah, a million Euros could purchase a large house out in the country but it isn't some like obscene amount of money that will purchase you two fully furnished 20 room mansions and thirty luxury cars. Target those people.
[QUOTE=Daniel M;37614222]Unless the government is doing enough to justify 53% of someone's income, it should be decreased.[/QUOTE]
This might seem strange to an American, but in Europe they actually do shit like provide healthcare.
[editline]10th September 2012[/editline]
[QUOTE=Daniel M;37614469]The number is set too low. Yeah, a million Euros could purchase a large house out in the country but it isn't some like obscene amount of money that will purchase you two fully furnished 20 room mansions and thirty luxury cars. Target those people.[/QUOTE]
It's 1 million per year, not 1 million over your lifetime.
[QUOTE=PvtCupcakes;37614537]This might seem strange to an American, but in Europe they actually do shit like provide healthcare.[/QUOTE]
This concept is completely foreign to me.
[QUOTE=Cheesesack;37614265]Who the hell needs more than one million a year anyway? I mean, really? I see no problem with this.[/QUOTE]
Gotta feed the Jag, the condos, the wife, and the pool boy aswell.
its cool that someones finally adressing the ones who have exploited the most but 75% is too steep and the most counterproductive thing next to killing all rich people. it will just drive rich people away and stop poor people from actually undertaking business that might make them rich out of fear of the 75% tax bash. 75% would only make sense if you made more than 1bn. A million is nothing nowadays.
[QUOTE=Daniel M;37614370]A million Euros in personal assets is not that point though. If it were 5-10 million Euros, I'd totally agree. No one needs a garage full of Lamborginis and Bugattis they never drive.[/QUOTE]
this is kind of annoying to me
if i worked hard to buy a garage full of expensive cars, i should be able to buy those fucking cars - even if i'm not going to drive them
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