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The left-wing French coalition hoping to introduce 90% tax on rich (lemmy.ca)

submitted 4 months ago by Beaver@lemmy.ca to c/politics@lemmy.world

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https://ground.news/article/the-left-wing-french-coalition-hoping-to-introduce-90-tax-on-rich_95e7c5?utm_source=mobile-app&utm_medium=article-share

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[-] moody@lemmings.world 75 points 4 months ago

Tax the rich and lower the retirement age that was just recently raised. Seems like a good plan to me.

I'm curious why they chose €400k as the top bracket. Is that low or high for such a steep tax rate? I'm not rich enough to know anything about this.

[-] Maggoty@lemmy.world 38 points 4 months ago* (last edited 4 months ago)

You have to remember in Western countries it's usually progressive brackets. So they're paying 90 percent on anything past 400,000. You never have a net loss to taxes just for making more money in such a system.

[-] agamemnonymous@sh.itjust.works 9 points 4 months ago

Technically, yes. However there are circumstances some places in the lower brackets where making more can disqualify you from welfare benefits. In those circumstances, an increase which is too small to compensate for the loss of benefits would be, effectively, a net loss.

Obviously though, that's not really an issue at the 400k bracket.

[-] Obi@sopuli.xyz 3 points 4 months ago

And that's a big thing in France I think. I heard many talks about how it's better to be on SMIC (minimum salary) so you get all the benefits, and that for it to be worth it you need to bump up quite a bit higher in salary. I don't have any numbers to show or anything though so take it with a grain of salt.

[-] Maggoty@lemmy.world 2 points 4 months ago

Obviously.

[-] mryessir@lemmy.sdf.org 21 points 4 months ago

Just assuming but people earning 400k are still working but living from the interest. Also 400k and having a few children may result in a good, but rich life.

I would also assume that their math pointed them there.

[-] someguy3@lemmy.world 14 points 4 months ago* (last edited 4 months ago)

Lawyers and doctors can make that much, so they want to go just above that.

And anything above that really is excessive.

this post was submitted on 09 Jul 2024

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