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. [Reuters via TaxProf]
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We’re a year and a half late on sharing this IRS hold music cover song with you, but better late than never eh? Well, unless you’re late making estimated tax payments. Uploaded April 13, 2020, the video has a mere 1,413 views as of posting this. How this didn’t go viral and end up being […]
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