The media (BBC included) are making it seem like French people making over something like €1 million (I forget the exact number) will be "taxed at 75%".
In other words, making it look like they'd be receiving €250,000, and paying €750,000 in taxes. Not true! They're not mentioning that it's a progressive tax, where only earnings over that which will be taxed at that rate.
What does the real life tax rate actually look like for the following annual incomes:
a) €20,000
b) €30,000
c) €50,000
d) €100,000
e) €200,000
f) €500,000
g) €1,000,000 (pretend that proposed 75% rate takes effect)
h) €2,000,000 (pretend that proposed 75% rate takes effect)
i) €10,000,000 (pretend that proposed 75% rate takes effect)
(Of course there may be benefits depending on size of household, as well as maybe something like the personal untaxable allowance? But just to get some rough figures going...)
Not sure if this is up to date, but here's a table of France's progressive tax brackets, or see a table on Wikipedia here.
Is there a tool to calculate these sort of things for France or taxes in general?
I remember doing some manual calculations about UK's tax rates, and even though the high one is something like 40%, the actual rate came down to being less, only somewhat higher to what most people in the UK pay.
In other words, making it look like they'd be receiving €250,000, and paying €750,000 in taxes. Not true! They're not mentioning that it's a progressive tax, where only earnings over that which will be taxed at that rate.
What does the real life tax rate actually look like for the following annual incomes:
a) €20,000
b) €30,000
c) €50,000
d) €100,000
e) €200,000
f) €500,000
g) €1,000,000 (pretend that proposed 75% rate takes effect)
h) €2,000,000 (pretend that proposed 75% rate takes effect)
i) €10,000,000 (pretend that proposed 75% rate takes effect)
(Of course there may be benefits depending on size of household, as well as maybe something like the personal untaxable allowance? But just to get some rough figures going...)
Not sure if this is up to date, but here's a table of France's progressive tax brackets, or see a table on Wikipedia here.
Is there a tool to calculate these sort of things for France or taxes in general?
I remember doing some manual calculations about UK's tax rates, and even though the high one is something like 40%, the actual rate came down to being less, only somewhat higher to what most people in the UK pay.