France Poised To Levy World's Highest Income Tax, Exceeding The Following Nations' Rates

 @angeloyoung_a.young@ibtimes.com on September 28 2012 12:32 PM

France’s recently elected socialist president, Francois Hollande, is pushing to raise France’s top income tax rate from 48 percent to 75 percent. If Parliament approves the measure, France’s proverbial one-percenters (estimated by the New York Times to be between 7,000 and 30,000 households) would be subjected to the world’s top income tax bracket. This would launch France from tenth place to first place, according to auditing firm KPMG, based on 2012 estimates. Here is a list of the other top taxers.Caveat: In much the same way Republican presidential candidate Mitt Romney managed to avoid the 35 percent marginal income tax rate, whittling his burden down to 15.4 percent last year (and even lower in previous years) through legal accounting and wealth management practices, top income tax rates are rarely what the world’s richest actually pay.

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