taft2012
05-19-2013, 06:54 AM
http://www.reuters.com/article/2013/05/18/us-france-tax-idUSBRE94H0AX20130518
(Reuters) - More than 8,000 French households' tax bills topped 100 percent of their income last year, the business (http://www.reuters.com/finance?lc=int_mb_1001) newspaper Les Echos reported on Saturday, citing Finance Ministry data.
The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million).
President Francois Hollande's Socialist government imposed the tax surcharge last year, shortly after taking office, to offset the impact of a rebate scheme created by its conservative predecessor to cap an individual's overall taxation at 50 percent of income.
Gotta love the language.
The conservatives had a "scheme" to cap taxes at 50%, but the socialists had an "offset" to be able to tax in excess of 100%.
(Reuters) - More than 8,000 French households' tax bills topped 100 percent of their income last year, the business (http://www.reuters.com/finance?lc=int_mb_1001) newspaper Les Echos reported on Saturday, citing Finance Ministry data.
The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million).
President Francois Hollande's Socialist government imposed the tax surcharge last year, shortly after taking office, to offset the impact of a rebate scheme created by its conservative predecessor to cap an individual's overall taxation at 50 percent of income.
Gotta love the language.
The conservatives had a "scheme" to cap taxes at 50%, but the socialists had an "offset" to be able to tax in excess of 100%.