Re: Will this cause France to get into Bitcoin - 75% Tax on Rich
Everybody here is saying that a 75% tax is a barrier to entrepreneurship and will make most rich people flee.
Did you know that the federal income tax rate in the US was 91% on income over $200,000 (approx. $2.5 million in today's dollars) between 1946 and 1962?
Did it cause a great exile of brains and innovators?
I'm French, there's a good chance I will make more than 1 million a year in a few years, but I still welcome this 75% tax. Millionaires build their fortune on the shoulder of many people who implement their ideas, and thanks to a functioning government and a safe environment, which is payed for by taxes.
Also it's not as bad as it seems. If you earn $1'000'001, only the $1 dollar above 1 million is taxed at 75%. Plus, it is in fact a 50% tax which when social security charges are added reaches 75%
Did you know that the federal income tax rate in the US was 91% on income over $200,000 (approx. $2.5 million in today's dollars) between 1946 and 1962?
Did it cause a great exile of brains and innovators?
I'm French, there's a good chance I will make more than 1 million a year in a few years, but I still welcome this 75% tax. Millionaires build their fortune on the shoulder of many people who implement their ideas, and thanks to a functioning government and a safe environment, which is payed for by taxes.
Also it's not as bad as it seems. If you earn $1'000'001, only the $1 dollar above 1 million is taxed at 75%. Plus, it is in fact a 50% tax which when social security charges are added reaches 75%
Yes, I did. And do you know what happened? All those politicians who voted for those progressive increases throughout the years eventually got voted out (took about 10-15 years) of office and the tax rates become lower and lower until the mid 90's and early 2000's. The other thing to remember, inflation adjusted $200,000 in 1943 is ~$2.5MM in today's levels. The amount of higher earners in the 40-50's was a lot lower than today for various reasons.
More power to you if you want to stay and pay that much tax in France if and when you earn more than $1MM. It's a relatively free world out there compared to most times in history. We are free to stay in one country or move to another.
