75% Tax Rate

http://www.bbc.co.uk/news/world-europe-19754016

Well, it's gone through. Hollande's vision of a socialist utopia where profit is severely punished. Luckily I'm not in France, so I'm in a position to watch it all go to shit and see Rand proven complete right with a modern day example.

-A new 75% tax on the richest earning more than 1m euros
-A 45% income tax rate on incomes over 150,000 euros a year
-A freeze in government spending, excluding debt repayments and pensions
-The elimination of a ceiling on "l'impot de solidarite sur la fortune", or wealth taxes, so that assets of more than 1.3m euros will be taxed at 1.5%
-The reduction of tax exemptions for loan payments by large corporations
-Capital gains and dividends will now be subject to the income tax regime

This is one of those things that have one (maybe two) right ways, and a gazillion wrong ways to do it.

Id say, make the first 10k or so, tax exempt. The next 150k or so gets taxed 25%. The remainder, sub-1M, gets taxed 50%. Anything over 1M gets taxed 75%.

So you make, say, 2M/year? Lucky you. You get to pay
    150,000 ×25% =  37,500,
+   850,000 ×50% = 425,000,
+ 1,000,000 ×75% = 750,000
= total 1,222,500 – i.e. effectively 61.125% tax.
2M - 1,222,500 = 777,500 € post-tax income. (Over a million USD, faggots)
Is that not still enough to live comfortably? You get a brand new mahogany table to put food on, for starters.