Multiple parties are jockeying for position in the aftermath of France's seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.

Multiple parties are jockeying for position in the aftermath of France’s seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.

France’s left wing New Popular Front (NPF) - now the largest group in parliament - has called for a prime minister who will implement its ideas including a new wealth tax and petrol price controls.

The leftist alliance secured the most seats in the recent French elections but fell short of the 289 needed for a majority in the National Assembly, France’s lower house of parliament.

President Emmanuel Macron’s Together bloc came in second and Marine Le Pen’s far-right National Rally (RN) party finished third.

France’s parties are now jockeying for position and it’s unclear exactly how things will shake out, but the NPF has insisted it will implement its radical set of ideas.

  • unexposedhazard@discuss.tchncs.deEnglish
    135·
    4 months ago

    400k is a monthly salary of 33000€ You can live very comfortably from a tenth of that where i live in germany, which is a notoriously expensive city. So yeah even if you just barely go over the limit and have to live with a tenth of those 400k, you would still be completely fine.

    This is all ignoring already saved up wealth ofcourse.

    TLDR im dumb

    • Ethalis@jlai.luEnglish
      47·
      4 months ago

      It doesn’t even work like that: only the “extra” revenue above 400k would be subject to the 90% tax, everything below that would still be subject to standard tax rates

    • protist@mander.xyzEnglish
      251·
      4 months ago

      even if you just barely go over the limit and have to live with a tenth of those 400k

      Progressive taxation doesn’t work like that, the 90% tax bracket in this case would only apply to the income someone earned over €400K. Everything they earn under that amount is taxed at much lower rates, the same rates as people who have lower income

      • unexposedhazard@discuss.tchncs.deEnglish
        72·
        4 months ago

        The current max tax rate in france is 45% + 3% for the portion exceeding 250k. (4% for exceeding 500k)

        So ignoring the 3%, at 400k you would be taxed at 45% leaving you with 220k?

        And at 1M it would be those 220k€ + (remaining 600k€ @ 90% = 60k)

        So a total of 280k€ after tax?

        I dont earn anywhere near that much so i never bothered to understand how this stuff actually works.

        • Ethalis@jlai.luEnglish
          12·
          4 months ago

          The math is a bit more complicated since there are multiple tax brackets below 400k, but that’s the general idea yeah

        • MNByChoice@midwest.socialEnglish
          7·
          4 months ago

          Yes. That is the correct math.

          Some tax codes have deductions and such, so the actual amount kept could be a little higher.