I wonder what immense wealth accumulation to the top 0.1% leads to, if only we had a country to show the possible consequences. I guess we’ll never know… /s
KingKaiserW on
How intense
Turbulent_Pin7635 on
+10% in taxes applied to the poor and pensionists…
Past_Key_1054 on
Good thing too. The radio stations, newspapers, magazines, tv channels and social media sites owned by billionaires assured me it would have ended badly.
dgkimpton on
This is what happens when you let the rich get a stranglehold on power. No one needs a private wealth over 100mm so they should be insanely greatful the left is only proposing a 2% tax and not a 100% tax.
eswifttng on
Heads will roll
Union_Biker on
Those politicians who voted for the rich need to be thrown out and replaced with representatives of the people.
Negative-Date-9518 on
People act like 1/2% on anything over 10m in assets is huge, it’s absolutely nothing to those that hit that tax 😂 but 100m? laughable to reject
Wondering_Electron on
If the French can’t make this happen, what chance do we in the UK have?
Will the French do their think with the heads again?
zbynekstava on
French goverment doesn’t have income problem, it has spending problem. More then half of French GDP is government spending. That’s mental.
No_Diver3540 on
So when do we start to „eat the rich“. If the peaceful solution is not possible? /s
downtownfreddybrown on
They goin riot.
asfsdgwe35r3asfdas23 on
I am going to get downvoted to oblivion, but if you read the proposal, it was bad. Taxing unrealized gains is not a good idea. Take mistral as an example, under this law, the founders would have needed to pay 2% of the value of the company each year to the government. The issue is that they don’t have that money. They are rich “virtually” because they hold stock of a company that is valued a few billion dollars, but they cannot sell that stock. So the law say, that since they cannot sell yet, they can avoid paying, but they accumulate debt that they need to pay later. So at some point, they would be forced to sell the company to US investors to pay the debt to the French government. But if things don’t go right, and mistral looses value or even goes bankrupt, good luck paying your multi million dollar debt to the government.
This would have been a mechanism that would force French companies the be sold to other countries to pay the tax. And of course, nobody on their right mind would ever consider starting a company in France.
The ultra-rich needs to pay taxes, but this proposal was garbage, find a better way to do it.
RDOmega on
But that’s exactly what’s wrong in the world.
Capital flight is a myth.
End conservatism.
DerWanderer_ on
The bill was poorly designed and if adopted would have resulted in a net loss to the French treasury due to capital flight. The solution is to redesign the law so that it is technically sound and make it an EU directive so that capital flight would be much harder.
Moist-Ninja-6338 on
Good decision. Otherwise it leads to capital flight and less revenue for the government and social programs. You can only take so much juice out of a lime
HellFireNT on
Time to dust off those guillotines
Gallium_71 on
While this sucks, what I think a lot of people fail to realise is that the first countries to actually implement wealth taxes are going to get their teeth kicked in by the markets. It is a classic first through the door problem – you want to be the 30th country implementing a wealth tax, not the 5th.
Gentleman_Nosferatu on
Jesus Christ. Humanity doesn’t stand a chance.
Von_Wallenstein on
Do the french realize their actions are the nr. 1 threat to the EU economy?
XenophonSoulis on
Now that’s the way to behave when you are on the Greece 2008 VIP track to go bankrupt after organising the Olympics.
mommel1 on
We do in Denmark
the richer you are the higher the tax is
( the stronger you are, the more you have to carry )
It’s very simple and fair 👍
Grand_Taste_8737 on
Make sense given that the capital won’t be there to be taxed if tax rates get too high.
andreBarciella on
if we tax the ultra rich how can they buy their 3rd island?
rmc2318 on
Careful Icarus. For your own history should show you what not to do.
Death-by-Fugu on
Dumbasses
Adventurous_Pen_Is69 on
Lol. Can’t piss off their owners.
ZliaYgloshlaif on
I swear, looking at this thread, redditors have no idea how money works, where does it come from and etc. Next thing I will see here is them blaming governments why they don’t print money and give them away to people – everyone would be happy then.
Taur3n on
[ Removed by Reddit ]
Alundra828 on
Man… If the French can’t do it, we truly are doomed.
Honourablefool on
I don’t know how well this bill was designed. But I think it’s obvious that a wealth tax needs to be introduced EU wide and that this will come about only when the big memberstates start doing it and exert influence on smaller states to stop the race to the bottom. If not, the already shrinking middle class will get taxed into oblivion.
Piketty and zucman are correct. The longer we postpone a wealth tax, the more the rich will accumulate wealth at the expense of the rest. It needs to stop or we will eventually face a fascist or communist take over. At the moment the fascist takeover seems the most likely.
_R0Ns_ on
Capitalism is fucked up
mekolayn on
So, the French don’t want to increase pension age, but also don’t want taxes?
thechava1941 on
shocked pikachu face
honestly how do people still expect the ultra wealthy to tax themselves when theyre the ones funding these politicians campaigns
estrellaente on
It seems that we already know why things happen in France, they are not very different from the rest of the world…
Forellenman on
Very good
Pierreplm on
Non.
tresslessaccount on
The United States will always welcome these wonderful people!
Few_Eye6528 on
Billionaires are the minority killing the planet
Mrstrawberry209 on
No wonder France debt is going down the drain.
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43 Kommentare
In a move that surprises no one.
I wonder what immense wealth accumulation to the top 0.1% leads to, if only we had a country to show the possible consequences. I guess we’ll never know… /s
How intense
+10% in taxes applied to the poor and pensionists…
Good thing too. The radio stations, newspapers, magazines, tv channels and social media sites owned by billionaires assured me it would have ended badly.
This is what happens when you let the rich get a stranglehold on power. No one needs a private wealth over 100mm so they should be insanely greatful the left is only proposing a 2% tax and not a 100% tax.
Heads will roll
Those politicians who voted for the rich need to be thrown out and replaced with representatives of the people.
People act like 1/2% on anything over 10m in assets is huge, it’s absolutely nothing to those that hit that tax 😂 but 100m? laughable to reject
If the French can’t make this happen, what chance do we in the UK have?
[Is this the same as the last French wealth tax?](https://www.theguardian.com/world/2014/dec/31/france-drops-75percent-supertax?CMP)
Will the French do their think with the heads again?
French goverment doesn’t have income problem, it has spending problem. More then half of French GDP is government spending. That’s mental.
So when do we start to „eat the rich“. If the peaceful solution is not possible? /s
They goin riot.
I am going to get downvoted to oblivion, but if you read the proposal, it was bad. Taxing unrealized gains is not a good idea. Take mistral as an example, under this law, the founders would have needed to pay 2% of the value of the company each year to the government. The issue is that they don’t have that money. They are rich “virtually” because they hold stock of a company that is valued a few billion dollars, but they cannot sell that stock. So the law say, that since they cannot sell yet, they can avoid paying, but they accumulate debt that they need to pay later. So at some point, they would be forced to sell the company to US investors to pay the debt to the French government. But if things don’t go right, and mistral looses value or even goes bankrupt, good luck paying your multi million dollar debt to the government.
This would have been a mechanism that would force French companies the be sold to other countries to pay the tax. And of course, nobody on their right mind would ever consider starting a company in France.
The ultra-rich needs to pay taxes, but this proposal was garbage, find a better way to do it.
But that’s exactly what’s wrong in the world.
Capital flight is a myth.
End conservatism.
The bill was poorly designed and if adopted would have resulted in a net loss to the French treasury due to capital flight. The solution is to redesign the law so that it is technically sound and make it an EU directive so that capital flight would be much harder.
Good decision. Otherwise it leads to capital flight and less revenue for the government and social programs. You can only take so much juice out of a lime
Time to dust off those guillotines
While this sucks, what I think a lot of people fail to realise is that the first countries to actually implement wealth taxes are going to get their teeth kicked in by the markets. It is a classic first through the door problem – you want to be the 30th country implementing a wealth tax, not the 5th.
Jesus Christ. Humanity doesn’t stand a chance.
Do the french realize their actions are the nr. 1 threat to the EU economy?
Now that’s the way to behave when you are on the Greece 2008 VIP track to go bankrupt after organising the Olympics.
We do in Denmark
the richer you are the higher the tax is
( the stronger you are, the more you have to carry )
It’s very simple and fair 👍
Make sense given that the capital won’t be there to be taxed if tax rates get too high.
if we tax the ultra rich how can they buy their 3rd island?
Careful Icarus. For your own history should show you what not to do.
Dumbasses
Lol. Can’t piss off their owners.
I swear, looking at this thread, redditors have no idea how money works, where does it come from and etc. Next thing I will see here is them blaming governments why they don’t print money and give them away to people – everyone would be happy then.
[ Removed by Reddit ]
Man… If the French can’t do it, we truly are doomed.
I don’t know how well this bill was designed. But I think it’s obvious that a wealth tax needs to be introduced EU wide and that this will come about only when the big memberstates start doing it and exert influence on smaller states to stop the race to the bottom. If not, the already shrinking middle class will get taxed into oblivion.
Piketty and zucman are correct. The longer we postpone a wealth tax, the more the rich will accumulate wealth at the expense of the rest. It needs to stop or we will eventually face a fascist or communist take over. At the moment the fascist takeover seems the most likely.
Capitalism is fucked up
So, the French don’t want to increase pension age, but also don’t want taxes?
shocked pikachu face
honestly how do people still expect the ultra wealthy to tax themselves when theyre the ones funding these politicians campaigns
It seems that we already know why things happen in France, they are not very different from the rest of the world…
Very good
Non.
The United States will always welcome these wonderful people!
Billionaires are the minority killing the planet
No wonder France debt is going down the drain.