Will this cause France to get into Bitcoin - 75% Tax on Rich

[mskryxz]

http://money.cnn.com/2013/12/30/news/economy/french-tax-75/index.html?hpt=hp_t3

75% tax on millionaire salary

More incentive to get paid in BTC?

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[cr1776]

Yes, and do what Gerard Depardieu did and just leave.  Talk about stupid policy.

[BeepBeep2]

Remind me to never go to France. 1 million Euro becoming 250,000? No **** way. That isn't even "super rich". "Super rich" is what I'd consider like 5+ million a year but in any case 75% is so **** much.

[securityguy]

I guess this the reason why Max Keiser left France and moved to London?

[cr1776]

People with enough money and smarts will go elsewhere.  Takes an awfully stupid politician (redundant) to not understand that!

[Welsh]

75% tax is ridiculous. I should imagine people will be looking for alternatives and Bitcoin will be one which appeals to some. However, a lot of them will just relocate. This reminds me of the Cyprus issue, likewise this is not how you get positive results..it's just beyond horrific.

[eternalgloom]

I do not think this will have hat much impact on Bitcoin.

People with that kind of money will just relocate.

[Jcw188]

Interesting point.  It's kind of how the Cyprus debacle happened and then BTC price skyrocketed after that.  I haven't seen any movement in BTC though yet, any idea when the 75% tax takes effect?

[GigaCoin]

Remind me to never go to France. 1 million Euro becoming 250,000? No **** way. That isn't even "super rich". "Super rich" is what I'd consider like 5+ million a year but in any case 75% is so **** much.

5 million is nothing in an ultra expensive country like France. Super rich is more like 50Million+

[kireinaha]

Socialism is great until you run out of other people's money to spend, right?

France is insane... why would any wealthy citizen stay? I'd move to Singapore

[Mike Christ]

Jesus Christ how horrifying.  France is going to be a 3rd world nation at this rate.  This is not how socialism is supposed to work; you don't wave a pen and some guns around and expect positive results.

[beetcoin]

75% is a bit exorbitant.. they are just doing to drive out money from the country. does france still have mandatory 35 hour workweeks? seems like they're too busy eating baguettes and drinking coffee (you know, to get cultured and all).

[zagerfish]

France is basically communist.


___________________________________
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[battlescars]

i dont like that law, 75 percent tax? are u kidding me why would anyone want to live in france, and france wont prosper now.
Maybe for the average man this law is good maybe it isnt. But millionaires will be leaving france a in great number now.
So when was this law passed anyways? i havent heard about this .

[DeathAndTaxes]

Weird the tax isn't an income tax, it is a penalty tax on the companies which pay its employees "too much".  The company pays a 75% tax on the salaries which exceed 1M EUR per year.  So company pays you 1M EUR, company coughs up 750K EUR to the government.  Correction:  The tax is on the employer for 75% of the wages ABOVE 1M EUR so it is in effect a wage cap.  Instead of the govt saying "wages over 1M annually are illegal" they just made it asininely expensive to pay wages that high so ... companies won't.

Company cuts your salary to 1,000,000 EUR or less, and the company pays no tax (well no extra millionaire taxes).  I have a feeling many companies will simply cut salaries which are over the 1M "cap" and offer some form of deferred compensation.

[battlescars]

I simply can not believe this law is passed, it is not an income tax it is basically saying, if you have more than 1m you
have a lot of power , too much power, power that we can not control and power that we want to have.
Why would anyone want to live in France after this law? this is BS - .

[black_swan]

Weird the tax isn't an income tax, it is a penalty tax on the companies which pay its employees "too much".  The company pays a 75% tax on the salaries which exceed 1M EUR per year.  So company pays you 1M EUR, company coughs up 750K EUR to the government.   Company cuts your salary to 999,999 EUR company pays no tax (well no extra millionaire taxes).  I have a feeling many companies will simply cut salaries which are near the 1M mark and offer some form of deferred compensation.

That's exactly what will happen.
75% is bad joke. I guess they wanted to attack certain businesses. Why don't they just do it in the open.

[beetcoin]

Weird the tax isn't an income tax, it is a penalty tax on the companies which pay its employees "too much".  The company pays a 75% tax on the salaries which exceed 1M EUR per year.  So company pays you 1M EUR, company coughs up 750K EUR to the government.   Company cuts your salary to 999,999 EUR company pays no tax (well no extra millionaire taxes).  I have a feeling many companies will simply cut salaries which are near the 1M mark and offer some form of deferred compensation.

wtf, it's not progressive? that's ridiculous then.

[battlescars]

was this bill even voted on to get it passed? What in the world were they thinking when they wanted to go and pass the bill.
This is an outrage because it isnt even an income tax? or is it?  how does this exactly work out>? it is confusing me.

[gannicus]

This taxation is obviously absurd but I feel it is important to remember here that the 75% is over the amount that exceeds 1M and not over 1M itself. If your salary is 1.1M you will pay 75% of 100k + n% over the remaining 1M (n is around 40%, depends on many factors). This leads to an "effective" tax rate a bit lower than 75%. Still, absurd.