French president vows a 75% tax on rich people8/9/2012
Feeling pinched by taxes? Just thank your lucky stars you’re not a millionaire in France. Socialist President François Hollande (actual quote: "I don’t like the rich") has vowed to pass a law that would mean anyone who made over a million euros annually ($1.24 million dollars) would pay 75% in taxes. Sacrebleu! Of course, this is the exact same segment of the population with the most access to private jets, helicopters, yachts, and other first-class ways to get the hell out of France. French Parliament will consider the proposed tax in September, and if it passes, neighboring Belgium will be gleefully expecting a stampede of million and billionaires. [Source]
What is a reasonable rate of taxation?