Socialists believe that it is virtuous to pay tax and that the more you earn the greater the percentage tax you should pay. France is currently a bastion of socialist fervour and under Hollande, in 2012, some people paid MORE than 100% tax.
More than 8,000 French households’ tax bills topped 100 percent of their income last year, the business 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.
More than 100% tax. Now what can go wrong with that?