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The left-wing French coalition hoping to introduce 90% tax on rich (news.sky.com)

submitted 4 months ago by MicroWave to c/world

211 comments fedilink hide all child comments

Multiple parties are jockeying for position in the aftermath of France's seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.

France's left wing New Popular Front (NPF) - now the largest group in parliament - has called for a prime minister who will implement its ideas including a new wealth tax and petrol price controls.

The leftist alliance secured the most seats in the recent French elections but fell short of the 289 needed for a majority in the National Assembly, France's lower house of parliament.

President Emmanuel Macron's Together bloc came in second and Marine Le Pen's far-right National Rally (RN) party finished third.

France's parties are now jockeying for position and it's unclear exactly how things will shake out, but the NPF has insisted it will implement its radical set of ideas.

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[–] [email protected] 0 points 4 months ago* (last edited 4 months ago) (3 children)

Maybe I’m just not used to the income needed in major cities in France, but that seems like pretty high tax rate for the income in major cities like Lyons or Paris. Can someone give me a little context? Does France do graduated brackets like the US? If that’s the case then I could see this being pretty fair.

[–] [email protected] 9 points 4 months ago (1 children)

They do. Someone with a salary of €400,000 would take home approximately €242,000 after income tax.

Up to €10,777: 0% tax rate
From €10,778 to €27,478: 11% tax rate
From €27,479 to €78,570: 30% tax rate
From €78,571 to €168,994: 41% tax rate
More than €168,994: 45% tax rate

According to The EIU, the cost of living in Paris is similar to San Francisco.

[–] [email protected] 2 points 4 months ago

That seems like quite a bit of one’s income, but on the flipside France has a lot more social services and such than we get here in the US, so I guess I have to consider that side of it.

[–] Uruanna 5 points 4 months ago* (last edited 4 months ago) (1 children)

Does France do graduated brackets like the US?

Is there any place that does taxes without brackets, just flat "pass this number and suddenly lose half of everything"? Does that even exist outside the imagination of Americans who have never understood or looked at taxes? Brackets should be the definition of income taxes, is it not? It's not an economic tariff applied regardless the volume of merchandise passing a frontier.

[–] [email protected] 2 points 4 months ago* (last edited 4 months ago)

Jesus dude calm down I am just asking what the basic structure of the French tax system looks like. I don’t live in France, there is not a whole lot of reason for me to know.

[–] [email protected] 2 points 3 months ago

It's still just a fraction of the top 1%. Even $400,000 in the US would put you in the top 1%, nobody needs more than this amount of money, ever.