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Here Is Who Gets Taxed To Fund The French ‘Fairness Doctrine’ Socialist Dream

Posted By admin On October 1, 2012 @ 2:45 am In Money Watch | Comments Disabled

Zero Hedge [1]
Oct 1, 2012

As we discussed earlier [2], the French budget  can be summed up as state spending will be frozen (not cut), tax and social contribution increases for households, and companies will see approximately 8% of their current after-tax profits vacuumed up by the government. But it is high-income earners that face a sharp adjustment. On the household side, SocGen notes the flagship measures will be: a new75% income tax on incomes of €1 mln or more, the Wealth tax (ISF) band to return to the status quo ante (before Mr Sarkozy), the taxation of capital income in line with labor income, and new limits on tax breaks or the freezing of the income tax schedule (except for low income earners).The government expects income tax receipts to increase from €59bn in 2012 to €72.6bn in 2013 (+23%). Income taxes are expected to decline for the 8 lowest deciles (80% lowest incomes) and that the bulk of the income tax increases will affect the top 5% of incomes. A simple rule of thumb suggests that those latter households could experience a 40-50% increase in their income tax bills.

Here Is Who Gets Taxed To Fund The French Fairness Doctrine Socialist Dream 20120930 france 0 [3]


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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2012-09-30/here-who-gets-taxed-fund-french-fairness-doctrine-socialist-dream

[2] discussed earlier: http://www.zerohedge.com/news/2012-09-30/france-unveils-growth-killer-budget-2013

[3] Image: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/09-2/20120930_france.png

[4] Fairness Doctrine Backfires: After Depardieu Backlash, French FinMin Says Superrich Tax “Plan B” Would Be Temporary: http://www.prisonplanet.com/fairness-doctrine-backfires-after-depardieu-backlash-french-finmin-says-superrich-tax-plan-b-would-be-temporary.html

[5] FCC Commissioner: Fairness Doctrine Could Lead To Government Regulation Of Web: http://www.prisonplanet.com/fcc-commissioner-fairness-doctrine-could-lead-to-government-regulation-of-web.html

[6] MSNBC’s Ed Schultz Demands Return to the Fairness Doctrine: http://www.prisonplanet.com/msnbc%e2%80%99s-ed-schultz-demands-return-to-the-fairness-doctrine.html

[7] Senator: New Media Makes it Difficult to Impose Fairness Doctrine: http://www.prisonplanet.com/senator-new-media-makes-it-difficult-to-impose-fairness-doctrine.html

[8] Talk radio under siege: New push for Fairness Doctrine: http://www.prisonplanet.com/talk-radio-under-siege-new-push-for-fairness-doctrine.html

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