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France Gives "Fairness Doctrine" Details; Will Tax Millionaires At 75%

Tyler Durden's picture




 

With the Great June Socialist Revolution spilling over into July, here are some details as they become available from France:

  • FRANCE TO HAVE NEW TAX RATE OF 45% FOR WEALTHY
  • FRANCE TO TAX INCOME OF MORE THAN EU1 MLN AT 75%, AYRAULT SAYS
  • FRANCE TO TAX CAPITAL INCOME AT SAME LEVEL AS WAGES
  • FRANCE TO RAISE TAXES FOR LARGE COMPANIES, BANKS, OIL FIRMS

But... FRANCE TO ANNUL PLANNED VAT INCREASE PLANNED BY SARKOZY

After all, it's only fair. In other news, we are rotating our secular long thesis away from Belgian caterers and into tax offshoring advisors, now that nobody in the 1% will pay any taxes ever again.

The good news is that with the entire world set to adopt 100%+ taxes on "wealthy" individuals as defined arbitrarily by Ph.Ds, there will be no place to hide. Which incidentally is just the first step toward what we warned back in September 2011 will happen: a 30% tax on all financial assets. Everywhere.

 

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Tue, 07/03/2012 - 11:23 | 2583938 roadhazard
roadhazard's picture

You can see all the T&A you want on TV ads though. I give that a thumbs up anyways.

Tue, 07/03/2012 - 10:15 | 2583566 Hetty Green
Hetty Green's picture

Atlas Shrugged

Tue, 07/03/2012 - 10:18 | 2583584 Pure Evil
Pure Evil's picture

Honey, that damn globe Atlas had been holding up for millenia crushed that fucker a long time ago.

Tue, 07/03/2012 - 10:16 | 2583569 Fix It Again Timmy
Fix It Again Timmy's picture

Taxes = Thievery; I don't care if you're making $20K/yearly or $20M/yearly.......

Tue, 07/03/2012 - 10:16 | 2583574 YesWeKahn
YesWeKahn's picture

It's called PPP:

tu travaille Plus, gagne Plus, paye Plus d'impot.

you work more, get paid more, gotta to pay more tax.

Tue, 07/03/2012 - 10:32 | 2583658 Bob
Bob's picture

Apparently a focus upon rates, rather than absolute nominal figures, is alien to the financial community.  Offensively so. 

Tue, 07/03/2012 - 10:19 | 2583583 TWSceptic
TWSceptic's picture

I sincerely hope everyone with money left leaves France. They deserve to become one of the PIGS now.

Tue, 07/03/2012 - 10:23 | 2583611 jay28elle
jay28elle's picture

F-PIIGS 

Tue, 07/03/2012 - 10:21 | 2583588 gaoptimize
gaoptimize's picture

This will not end well.  Capital flight and brain drain.  Damage to luxury goods markets will finalize the move of the creative center of Europe to Berlin.  With this, France just made the winning bid to be the European capital of the new Caliphate.

Tue, 07/03/2012 - 10:39 | 2583714 walküre
walküre's picture

Capital and brain in the same sentence is an oxymoron. Unless we'd give a prize to the smartest pirates?

Tue, 07/03/2012 - 10:19 | 2583591 gaoptimize
gaoptimize's picture

Dupe.  Sorry

Tue, 07/03/2012 - 10:22 | 2583601 Instant Wealth
Instant Wealth's picture

Hollande: "¡Socialismo o Muerte!"

Tue, 07/03/2012 - 14:39 | 2583633 Bicycle Repairman
Bicycle Repairman's picture

Here is what the typical Romney supporter is thinking: raise taxes on the other guy.  How many times has a corporate fat cat lectured the people about paying more taxes?

Tue, 07/03/2012 - 10:32 | 2583660 Doug_Canada
Doug_Canada's picture

No one deserves super wealth. There is just nothing you can do to justify it. And all the ideas of some Henry Reardon are just not true. The people this tax will hit are three gernerations from anyone worth a shit who made the fortune. We do need rewards but are some level there are diminising returns. And increased moral hazard. 

Tue, 07/03/2012 - 11:00 | 2583794 TWSceptic
TWSceptic's picture

Oh so because you and some other people think another group of people don't deserve a certain wealth (what is the threshold?) they earned while respecting the rule of law, you decide to take some of that wealth away from them (robbery). And you can honestly justify that behavior as ethical?

 

It's funny too that you talk about moral hazard while at the same time creating one yourself in your argument.

Tue, 07/03/2012 - 11:04 | 2583828 Doug_Canada
Doug_Canada's picture

We are not cave men that each is 100% responcible for the kill they bring home. You open a compnay and a police force makes sure no one seals your stuff. If a fire breaks out the fire department comes to put it out. You need workers and find they have all been made ready for your needs by the state school system. It goes on and on. We are in this toghter and the ideals of our society is to get the most out of our economy. Central palning and no rewards is a total faulure. Gilded Age policys where all the rewards go to a small group are equilly shity for geting the most out of the economy. By having controls over wealth via the tax system and spending we make some fantastic places to live. Look at the happiest people on the planet and you will find they live in a society where they get the balance right.

 

Tue, 07/03/2012 - 11:13 | 2583860 TWSceptic
TWSceptic's picture

The balance is created in a free market, unfortunately we haven't seen a free market anywhere for a long time. Socialism can create a temporary impression that things are in a balance, until it stops working as you run out of other people's money.

Regarding banks, I agree there should be some regulation, but far more important: let the free market do most of the regulation. No bailouts for bad banks is one example that comes to mind.

Tue, 07/03/2012 - 11:41 | 2584031 Doug_Canada
Doug_Canada's picture

 

I am an entrepreneur and I do ok. Like many here I won the genetic lottery and am in the top 10%. Market forces say I am more valuable that many many people. But the Market is the jungle. I don’t want a fucking jungle where apex predators kick the shit out of the poor losers. I love the market but we are the master of it it is not the master of us. You know what that is called… Agriculture. And it is a shit load more efficient that the jungle.

 

Tue, 07/03/2012 - 12:11 | 2584196 walküre
walküre's picture

Should have known.

Doug you're making alot of sense. Probably because you're a farmer and you know yield. Farmers know they can't cheat yield and Farming is where the production rubber meats the road. Derivatives ain't worth shit but they make a few people filthy rich backed by nothing. Because they cheated yield and got government approval for it.

Tue, 07/03/2012 - 12:23 | 2584227 Doug_Canada
Doug_Canada's picture

Do I have to be a farmer to say fuck ewe ;-)

Tue, 07/03/2012 - 12:50 | 2584324 Doug_Canada
Doug_Canada's picture

WHY A -1

 

It was a farm joke! a Ewe is a sheep.

Tue, 07/03/2012 - 13:15 | 2584412 walküre
walküre's picture

I knew that. Oink oink. ;)

Tue, 07/03/2012 - 12:09 | 2584190 Lebensphilosoph
Lebensphilosoph's picture

You open a compnay and a police force makes sure no one seals your stuff.

No. No they don't. Private security, on the other hand, might.

If a fire breaks out the fire department comes to put it out.

In Germany there are about 25,000 local brigades - 24,000 volunteer fire brigades (Freiwillige Feuerwehr), 800 private fire brigades with public accreditation (Werkfeuerwehr), which mostly protect large industrial complexes or airports, many private fire brigades with no public accreditation (Betriebsfeuerwehr), and 100 public fire brigades (Berufsfeuerwehr) compulsory by law for large towns and cities. However, public brigades are often supported by and cooperate with volunteer brigades. Some volunteer brigades also have a small core of full-time firefighters paid by local community funds.

Try again.

You need workers and find they have all been made ready for your needs by the state school system.

Indoctrinated? Nothing private schools and apprenticeships couldn't do. Who is ready for work out of state school anyway?

Tue, 07/03/2012 - 12:17 | 2584211 walküre
walküre's picture

You're barking at the wrong tree. Germany has made a pretty good effort to maintain a healthy balance between the classes. But the rumblings in the lower belly of the ship are clear and getting louder.

Why the fuck do you support a system where just about all the citizens slave away only to support the super wealthy who are the biggest leeches on the system since bailouts were invented?

Tue, 07/03/2012 - 12:29 | 2584235 Doug_Canada
Doug_Canada's picture

I totally agree. The balance in Germany is great and it shows. It is just a nice place to vitist. Safe, clean, great cities.

Tue, 07/03/2012 - 12:39 | 2584283 NidStyles
NidStyles's picture

Nice place to visit, but you are not going to want to live there, even the Germans don't like living there, that's why we see them all moving to Singapore and other East-Asian nations. 

Tue, 07/03/2012 - 12:52 | 2584331 Doug_Canada
Doug_Canada's picture

That is just not true. Germas love their counrty. What the super rich do to protect their mountain of cash is not  a reason to say Germans don't like Germany. They like the place so much three times in history they tried to make everwhere Germany.

Tue, 07/03/2012 - 13:22 | 2584431 walküre
walküre's picture

Singapore is the modern day pirate's den. Do you ever think before you post? Do you really think anything has changed over the last few centuries when it comes to pirates and their desire to hide and protect their stash?

All the fancy names and exotic places don't impress me. The stash they're protecting is from illgotten gains based on a ponzi. They stole from the King and now the pirates are sinking the King's vessels. Same as it ever was.

They laugh at your drivel trying to legitimize the pillaging. Why are they in Singapore? For tax purposes? Bullshit. We have enough tax loopholes ourselves where they could live in peace and possibly even dick around in our political scene. But they're offshore because there's probably a warrant aka bounty on their head.

Pirates!

har har!

Tue, 07/03/2012 - 12:23 | 2584226 Doug_Canada
Doug_Canada's picture

The gated, sad world you are hoping for is never fucking coming. Those of us who think that everyone has a right to a good life and that the work of all has value will stop you. There are more of us and we are better people.

 

Government is a foce of good that can make the world a better place for everyone.

 

FYI I'm not taking about your crazy sytle of government. You guys are fucked. ;-)

Tue, 07/03/2012 - 12:39 | 2584290 NidStyles
NidStyles's picture

There is no government that is not crazy.

Tue, 07/03/2012 - 11:59 | 2584135 nodhannum
nodhannum's picture

And it isn't fair that good looking guys or guys with a great rap  get most of the nookie.  Don't you think they should share?  Nookie greed I tell 'ya!

What else do you think that someone does or does not deserve?

Tue, 07/03/2012 - 11:59 | 2584136 Lebensphilosoph
Lebensphilosoph's picture

No one deserves super wealth.

There is just nothing you can do to justify it.

According to what objective table of values?

Tue, 07/03/2012 - 12:35 | 2584272 NidStyles
NidStyles's picture

Who the fuck cares what you think, you can't even formulate a clear sentence here....

 

 

Super Wealth??? What the fuck is that? 

Tue, 07/03/2012 - 10:34 | 2583675 Yikes
Yikes's picture

I'm going to love seeing some of those Hollywood liberals who took up residence in France move back to the U.S. because of the taxes.

 

 

Tue, 07/03/2012 - 10:40 | 2583722 Bob
Bob's picture

+1000.  It will be interesting to see how much the "culture" is really worth to them. 

Tue, 07/03/2012 - 11:33 | 2584005 EmileLargo
EmileLargo's picture

Yeah just like their love of Cuba and Castro. The public is pretty gullible to believe their "liberal" drivel.

Tue, 07/03/2012 - 11:43 | 2584062 dexter_morgan
dexter_morgan's picture

They are all a bunch of hypocritical douche bags, why does anyone even pay attention to their 'thoughts' on anything?

Tue, 07/03/2012 - 10:39 | 2583677 EmileLargo
EmileLargo's picture

I disagree with the negative conclusion. Plenty of low tax bolt-holes to escape to. Singapore and Hong Kong come to mind.

Tue, 07/03/2012 - 10:36 | 2583686 walküre
walküre's picture

Better than the Guillotines! Confiscate the wealth and make the rich suckers work harder or propose they leave. Either way, they will soon pull their weight and actually do something useful. If France is doing it, I'm sure Germany is thinking about it. Maybe the US will absorb all those paper billionaires and good American slaves will shine them their shoes, wipe their asses and hand feed them caviar? Maybe there is hope for Europe after all?

Tue, 07/03/2012 - 12:03 | 2584157 nodhannum
nodhannum's picture

I'll gladly shine their shoes and wipe their asses depending on how much they are paying.  Then I save it and invest and I won't wine about how much the other guy or gal has.  Not hard to smoke out all the envious and jealous losers, is it?

Tue, 07/03/2012 - 12:09 | 2584185 walküre
walküre's picture

They consider you the equivalent to a prostitute. Whatever rocks your boat, I guess?

Why work for it when you can steal just as well? That's what they've done and they're doing to this day.

What matters in this life is clearly only one thing.

Who is the better pirate?

 

Tue, 07/03/2012 - 12:42 | 2584299 NidStyles
NidStyles's picture

Why the fuck should we care what they think? They are giving us their wealth, and they haven't a chance in hell of leaving it to children that will not waste it or squander it. 

 

You sound like a materialist fool. Keep consuming you pig. 

Tue, 07/03/2012 - 10:49 | 2583773 pazmaker
pazmaker's picture

so kind of France to let a person keep 25% of their income.

Tue, 07/03/2012 - 10:50 | 2583777 Lucky Guesst
Lucky Guesst's picture

Haha... now I know the reason for the new law that everyone has to install a breathalyzer in their car!!!

Tue, 07/03/2012 - 11:28 | 2583970 Instant Wealth
Instant Wealth's picture

11 Euro fine for tourists, who forget to buy a mobile breathalyzer at the first gas station on french soil?

Tue, 07/03/2012 - 10:59 | 2583819 Yen Cross
Yen Cross's picture

 This is complete insanity! I can see why the wealthy French would rather swim the channel without life vests! Freaking Cuba, European 2012 style!

Tue, 07/03/2012 - 11:04 | 2583831 Shizzmoney
Shizzmoney's picture

Breaking from @TheStalwart: "Paris homes and offices of both Nicolas Sarkozy & Carla Bruni raided by police"

Looking for dirty cash?

Tue, 07/03/2012 - 11:06 | 2583840 Instant Wealth
Instant Wealth's picture

Looking for blow?

Tue, 07/03/2012 - 11:17 | 2583904 gaoptimize
gaoptimize's picture

They are probably at the bank or with their mistress.  http://en.wikipedia.org/wiki/Junta_(game)

Tue, 07/03/2012 - 12:00 | 2584137 strayaway
strayaway's picture

 All enemies of the revolution must pay! Off with their laptops! Fortunately, Anastasia Sarkozy emptied her own office in time.

Tue, 07/03/2012 - 11:08 | 2583852 marriedgeordie
marriedgeordie's picture

i will be investing in Eurostar (unless UK decides to leave the EU) and Thalys. also into Paris real estate in Gare de Nord area, as this is where Paris financial centre is moving, assuming it stays in Paris.

Tue, 07/03/2012 - 11:18 | 2583908 CuriousPasserby
CuriousPasserby's picture

A tax on assets is coming everywhere????

But I carried my gold everywhere I went, for safety, and when the canoe tipped over...

Tue, 07/03/2012 - 11:23 | 2583935 CrawdadMan
CrawdadMan's picture

5 years later; Crimes committed by the used-to-be-called-rich has gone up 300%; mostly attributed to tax evasion and fraud.

 

WISDOM!!

   Get rid of the rich so that no single man can create jobs or even own anything. Looking more like commu**** to me.

Tue, 07/03/2012 - 11:55 | 2584116 agent default
agent default's picture

5 years latter, everybody with any serious capital has fled France.  Have you ever seen anyone dependent on social handouts create a job or employ someone? No?  When capital and people with capital leave France, there will be real pain.

Tue, 07/03/2012 - 12:20 | 2584219 walküre
walküre's picture

Who is currently getting the BIGGEST HANDOUTS?

THE FUCKING BANKS! WHO OWNS THE FUCKING BANKS? The down & out and poverty plagued?

You have got to be fucking kidding me!

The ARISTOCRACY IS IN THE PROCESS OF PLUNDERING THE WORLD.

Tue, 07/03/2012 - 12:33 | 2584259 Bob
Bob's picture

Be resonable, not commie.  Everybody had an equal and fair chance.  I learned it in school . . . even public school covered the essential truths.

Use your common sense.  If there weren't so many losers, there wouldn't be so much unpleasantry. 

It's gotta be the losers that are the problem. 

Tue, 07/03/2012 - 13:25 | 2584444 walküre
walküre's picture

you forgot the /sarc

Tue, 07/03/2012 - 14:03 | 2584628 Bob
Bob's picture

lol.  sometimes it's just inherently ludicrous. 

Tue, 07/03/2012 - 12:47 | 2584316 NidStyles
NidStyles's picture

You are responsible for your own fate. Learn it, live it, and love it. Without that knowledge you leave yourself open to being a victim of reality and of the thieves of the world. No government can stop the thieves from stealing from you, because most of the government is in on the theft. 

Tue, 07/03/2012 - 11:25 | 2583951 Debtonation
Debtonation's picture

Ah, another socialist society using the power of democracy to destroy itself.

Tue, 07/03/2012 - 11:34 | 2584010 Doug_Canada
Doug_Canada's picture

What percentage of their people are illiterate, incarcerated, saddled with student debt, under water on their mortgage or never see their kids because they work 50 weeks a year.

 

Tue, 07/03/2012 - 11:36 | 2584020 Grimbert
Grimbert's picture

London is already the city with the 5th or 6th most Frenchmen. 

http://www.bbc.co.uk/news/magazine-18234930

http://blogs.wsj.com/source/2012/06/18/cameron-says-rich-french-tax-exiles-welcome-in-the-u-k/

But the consensus on other threads going on today is that the UK will break before France does.

PIIGSFUK? SUKPIGI?

Tue, 07/03/2012 - 11:39 | 2584036 dexter_morgan
dexter_morgan's picture

Ah, back to the future - wasn't FDR the first assclown to come up with the >100% tax on the wealthy?

 

Tue, 07/03/2012 - 12:09 | 2584189 flyingpigg
flyingpigg's picture

If they continue like this there won't be many millionaires left in France in near future.

It's a small distance to Switzerland. If relocating to Geneva they can even continue to shop in France.

BTW, What is Hollande doing to prevent boating accidents?

 

Tue, 07/03/2012 - 12:46 | 2584313 Grand Supercycle
Grand Supercycle's picture

Rally Warning Confirmed....

As mentioned earlier, further equity strength and USDX weakness expected this year according to my analysis.

http://www.zerohedge.com/news/2012-12-24/market-analysis

Tue, 07/03/2012 - 13:24 | 2584436 Inthemix96
Inthemix96's picture

How so? A 75% tax for big earners?

You print this shit out of thin air hollande you cunt, print 75% more per person and your laughing you little commie bastard.  Then at least refund the other 25% back to every fucker, and problem solved shit head.

We be rolling in it, said little commie bastard with shit for brains.

Tue, 07/03/2012 - 15:18 | 2584915 AchtungAffen
AchtungAffen's picture

Cry me a river... Taxes on the wealthy were probably higher during the American golden age. And it's not like there's an abject concentration of wealth nowadays... is it? Oh wait, yeah... It wouldn't do bad for those who are doing the best to contribute to those who aren't. After all, those who did better, did it on the infrastructure supported by everybody else. It's highly unfair that they don't pay the fair share; more considering the huge problems huge income and wealth inequality creates. Nobody made it rich on their own.

Wed, 07/04/2012 - 10:20 | 2586562 Haloween1
Haloween1's picture

"Infrastructure supported by everybody else"?  I beg to differ. 

For the past 100 years wealth is accumulated in spite of an obstructive infrastructure created by a class of bloodsuckers, entitled takers, whiners, and toll collectors who range from the connected politicos to slackers who vote to take away from the productive, who are now becoming fewer and fewer in number.

 

 

 

Tue, 07/03/2012 - 16:16 | 2585080 Bicycle Repairman
Bicycle Repairman's picture

The next defensible front for stopping Obamacare is taxes.  Right now there is no way to pay for it.  Obamacare is European socialism and will require European level taxes to pay for it.  Get ready to fight the VAT tax needed to pay for this.  Forget about repeal.  The Republicans in congress are already running from repeal.

Wed, 07/04/2012 - 04:05 | 2586184 CTG_Sweden
CTG_Sweden's picture

I guess that French castles may get cheaper now since the purchasing power for wealthy Frenchmen will be reduced. I know that people like the advertising agency owner David Ogilvy and the IKEA owner Ingvar Kamprad have bought estates in France in the past. Perhaps more foreigners will now buy French castles.

French stock may also get less expensive. That will be great for foreigners and poor Frenchmen that can afford to buy some stock despite their poverty. But perhaps poor Frenchmen won´t buy more stock even if stock gets somewhat cheaper. Poor people usually don´t buy stock other than indirectly through pension funds.

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