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France to Impose 75% Income Tax Rate Print E-mail
by Tom McGregor    Tue, Jul 3, 2012, 06:59 PM
French Socialists have just introduced a 75 percent income tax rate bill. The ruling-party contends that only high tax rates can rescue the nation from a global economic recession and out-of-control debt crisis.

The BBC News reports that, “French PM Jean-Marc Ayrault has called on the French people to rally behind the government to tackle a ‘crushing’ and ‘unprecedented’ debt crisis.”

He has outlined the new Socialist government’s strategy in a keynot speech to parliament for the next five years.

He spoke about a so-called Buffet-Soros Tax, in which those earning more than 1 million euros would be taxed at 75 percent

According to the BBC, “Mr. Ayrault revised France’s economic growth forecasts. He said GDP was likely to grow 0.3% this year, down from 0.5%, and 1.2% in 2013 instead of previously expected 1.70%.”

He said, “then state pays nearly 50 billion euros to its creditors annually.” Some American voters are starting to worry that Obama may impose a similar 75% tax rate on U.S. citizens if he’s re-elected to the White House.

To read the entire article from the BBC News, link here:

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Comments (2)add comment
written by FormerJoneser , July 04, 2012

Looks like Commie Alex Jones and Red Obama are tax advisors for the French government.

written by BarryO , July 04, 2012

As I recall, French Socialists have already endorsed my Tax Plan. So please, Re-Elect Obama to the White House. You can count on 'Change' to your income tax rates. But I think 75% is too low, we need to really soak the rich. Thank you Mr. Buffet for your tax proposal.

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