More than 8,000 French households’ tax bills topped 100 percent of their income last year, thebusiness 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.
Taxes on some wealthy French top 100 pct of income: paper | Reuters
Obama would love this. Consider this, if one takes all the money then the ability to generate more is destroyed.