Why hasn't Obama told his Hollywood Friends yet?...
Will Smith, shocked and surprised, said, "God Bless America!"
The United States is now catching up with France in income taxes to pay for Obama's socialist government programs. FYI: 1€ = $1.2736 - In 2011, Will Smith earned $35 Mil/yr. or would pay $26 Mil/yr taxes and nets $9 Mil/yr. living in France. Currently Smith pays U.S. Income Taxes of $12.25 Mil/yr., lives in California and pays 11% state income tax which is going up in 2013 to 13%, $4.5 Mil/yr., for a total U.S. tax bill of $16.75 Mil/Yr. Smith saves $10 Mil/yr and doubles his net income to $20 Mil/yr - "God Bless America!"
Wait until 2013 income tax rates hit everyone's pocketbooks! - Bush Income Tax Rates expire, Capital Gains taxes go up, Child Deductions slashed, 401K & IRA Limits go down, Property Tax write-off go away.
Obamanomics 2013 Taxes - Wealth Creation & Tax Money Grab
2012 Single Filing Status
[Tax Rate Schedule X, Internal Revenue Code section 1(c)]
- 10% on taxable income from $0 to $8,700, plus
- 15% on taxable income over $8,700 to $35,350, plus
- 25% on taxable income over $35,350 to $85,650, plus
- 28% on taxable income over $85,650 to $178,650, plus
- 33% on taxable income over $178,650 to $388,350, plus
- 35% on taxable income over $388,350.
2013 Tax rates are scheduled to change as follows:
The 10% rate will be collapsed into the 15% rate; the 25% rate will become 28%; the 28% rate will become 31%; the 33% rate will become 36%; and the 35% rate will become 39.6%.
Did anyone also tell Will Smith about the French Wealth Tax called "Impôt de solidarité sur la fortune" (ISF)? - The is on top of the 75% income tax rate. If you live in France, then the whole of your worldwide assets must be taken into consideration for the purposes of the tax. In determining your wealth the total net assets of the whole household are taken into consideration. The scope of assets which must be included in the calculation are all cash and property owned by the household, as well as cars, jewels, furniture, shares, fine wines and other valuables. The current Wealth Tax rate ranges from 0.75% to 1.8%.
Currently, French Wealth Tax is a "voluntary tax". In the event that the tax authorities decide that you are liable to pay Wealth Tax, they are entitled to collect arrears of payment over the proceeding 10 years.
So, Wealth tax is a Direct Tax levied on private property. Power to levy Wealth Tax is derived by Constitutional laws levied by the Central Government to redistribute incomes. The objective of imposing this is to tax the unproductive assets of the society owned by individuals to maintain equality in the society. Hmm...Is this another new idea for a U.S. Federal tax revenue source, a "Pay your Fair Share" tax?
OPEN INVITATION
Had enough of taxation yet? I would really like to hear from everyone, especially from my "card-carrying" Obama voters who advocate more taxes and income redistribution. Please click on the "Post a Comment" box below to send your comments.