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?
amhot577 on
So does Lecornu want to be overthrown?
deceased_parrot on
Shouldn’t there be like a moratorium on r/europe against this topic already? There are like 2 threads every damn week about it…
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.
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.
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
litnu12 on
So France gonna burn a bit over the next few days?
Professional-Air2123 on
Wolves voted amongst themselves about eating the sheep and came to an agreement that the sheep need to be eaten. More news at 11.
nonlethaldosage on
A wealth tax would have 0 effect the French government has plenty of money they just use it poorly a wealth tax is not going suddenly make them spend money any wiser
HellFireNT on
Time to dust off those guillotines
breinbanaan on
Start the revolution
supranes on
We all should just agree on stop working altogether… why do we even make an effort if its not going to lead to anything good…
Vicious00 on
I know this is bad and the ultra rich should definitely be taxed more but some of you are forgetting that these ultra rich people don’t even live in France. They have residences in Monaco and other countries with tax breaks so it doesn’t matter because they won’t pay tax in France anyway.
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.
28 commenti
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?
So does Lecornu want to be overthrown?
Shouldn’t there be like a moratorium on r/europe against this topic already? There are like 2 threads every damn week about it…
French goverment doesn’t have income problem, it has spending problem. More then half of French GDP is government spending. That’s mental.
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.
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
So France gonna burn a bit over the next few days?
Wolves voted amongst themselves about eating the sheep and came to an agreement that the sheep need to be eaten. More news at 11.
A wealth tax would have 0 effect the French government has plenty of money they just use it poorly a wealth tax is not going suddenly make them spend money any wiser
Time to dust off those guillotines
Start the revolution
We all should just agree on stop working altogether… why do we even make an effort if its not going to lead to anything good…
I know this is bad and the ultra rich should definitely be taxed more but some of you are forgetting that these ultra rich people don’t even live in France. They have residences in Monaco and other countries with tax breaks so it doesn’t matter because they won’t pay tax in France anyway.
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.