this post was submitted on 10 Jul 2024
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Multiple parties are jockeying for position in the aftermath of France's seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.

France's left wing New Popular Front (NPF) - now the largest group in parliament - has called for a prime minister who will implement its ideas including a new wealth tax and petrol price controls.

The leftist alliance secured the most seats in the recent French elections but fell short of the 289 needed for a majority in the National Assembly, France's lower house of parliament.

President Emmanuel Macron's Together bloc came in second and Marine Le Pen's far-right National Rally (RN) party finished third.

France's parties are now jockeying for position and it's unclear exactly how things will shake out, but the NPF has insisted it will implement its radical set of ideas.

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[–] [email protected] 57 points 3 months ago* (last edited 3 months ago) (2 children)

a new 90% tax on any annual income above €400,000 (£337,954)

Sexy, but as other commenters mentioned before, taxing existing wealth is more sexy

[–] [email protected] 19 points 3 months ago (3 children)

That's true, but taxing wealth is significantly harder than taxing income or financial transactions (including inheritances).

[–] [email protected] 8 points 3 months ago (1 children)

Inflation is probably the easiest way to achieve that. You just have to be careful that wages rise along.

[–] [email protected] 2 points 3 months ago

That's another reason for increasing minimum wages, as they try to do.

[–] [email protected] 5 points 3 months ago

Agree, focus on those loopholes that allow folks to have, for all intents and purposes, "income" without it actually counting. If you have spending money now that you didn't have in a spending form before that point, well that's income and we just need to make sure we cover all those scenarios that folks have figured out to "not count".

[–] [email protected] 1 points 3 months ago* (last edited 3 months ago)

I imagine gross violations would be easy enough to detect - assuming it's something you actually use, anyway. Your buried treasure might be safe.

[–] [email protected] 8 points 3 months ago* (last edited 3 months ago) (2 children)

This type of taxation I would say is a version of the Ultimatum game. If the taxation is too high, they simply move and then you get nothing

https://en.m.wikipedia.org/wiki/Ultimatum_game

It has to be high enough, but not so high that they just move to Switzerland

[–] [email protected] 14 points 3 months ago (1 children)
[–] [email protected] 0 points 3 months ago* (last edited 3 months ago) (1 children)

Exit taxes are "one shot". You pay them when you move out and then enjoy a lower taxation level for the rest of your life. Not much of a deterrent, at best a last ditch attempt at grabbing a few more dollars as your highest tax payers leave.

[–] [email protected] 2 points 3 months ago (1 children)

Or you could make them so high that they are de facto an appropriation of funds.

[–] [email protected] 0 points 3 months ago* (last edited 3 months ago) (1 children)

You can't because the French Constitution and Human Rights guarantee the right to private property and a fair and proportional taxation. And that's likely similar all over the western world.

[–] [email protected] 1 points 3 months ago

Lmao, human rights of private property my ass. Personal property is not the same as private property. Fair proportional taxation is 99 % at some bracket.

[–] [email protected] 4 points 3 months ago (1 children)

You could tax based on citizenship, could make it the same €400,000 limit so it doesn't effect normal expats and lower the rate a bit. Yeah the ultra rich can just buy citizenship in another country but many have at least a smidgeon of patriotism and won't want to lose there citizenship.

[–] [email protected] 4 points 3 months ago (2 children)

Only the US and Eritrea are stupid enough bullies to tax on citizenship. Terrible f'cking idea.

[–] [email protected] 5 points 3 months ago (1 children)

It is actually an excellent idea, because it ensures billionaires don't just move to Switzerland to evade taxes.

[–] [email protected] 1 points 3 months ago (2 children)

Income and gains should only be taxed in the jurisdiction they are earned. Only stupid Americans with a world view that consists of one country would argue otherwise. That's literally what tax is for. Not to fund your country in your absence.

[–] [email protected] 3 points 3 months ago (1 children)

They can vote while living abroad, if they can choose who others live under the others should be able to tax them.

[–] [email protected] 1 points 3 months ago (1 children)

In most places you cannot vote if you live abroad. In the US, you also cannot vote in anything but national elections of you don't reside in a state.

[–] [email protected] 0 points 3 months ago

I'm saying that, it is the case they are one of two with citizen status taxes and there is at least some reasoning given you can vote while living abroad.

[–] [email protected] 1 points 3 months ago

If "should" is all the argument you've got, I'm not convinced.

[–] [email protected] 2 points 3 months ago

And only the US actually collects on it, because they are so at the heart of the financial world they can strongarm banks to report on their US clients.