French election: Hollande wants 75% tax on top earners

[Megafan]

[QUOTE=sami-pso;34925604]So you're saying this: (i just made this up obviously)

If you earn 80k and bracketing is at 20k (10%) 40k (20%) and 60k (30%) that you'd be taxed 10% for the first 20k, 20% for the next 20k, etc. Is that how it works?[/QUOTE]

It's like this, and this may be what you mean:

If you make $80,000 a year, and the brackets are like this:
$0~19,999 - 0%
$20,000~39,999 - 10%
$40,000~59,999 - 20%
$60,000~79,999 - 30%
$80,000~99,999 - 40%

It means that every dollar above $80,000 is taxed at 40%, every dollar made above $60,000 but prior to earning $80,000 total is taxed at 30%, and so on. When they say 'taxed at 40%', that means that 40 cents of every dollar above $79,999 is taken out in income taxes.

[person12]

Yeah the 75% depends on what bracket it is a part of. For someone who makes millions in a year, sure! For a guy who makes a bit more than 250000? It would probably fuck with his or her shit.

[ItsMozy]

The scales work that you only pay 75% of what you earn above the 1m limit. If you make 1.1m you only pay 75% on the 100k and another percentage on the 1m.

So when someone makes 1m a year, they will not be left with only 250k. More like 590k. Cause the highest scale is 41% at this moment(starts at 70k+).