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Politics : Politics for Pros- moderated
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From: Brumar897/2/2008 7:12:28 AM
   of 793917
 
Monsieur Obama's Tax Rates:

America ... is the only industrialized country that taxes its citizens even if they live overseas. That hasn't been a big problem as long as U.S. tax rates have been relatively low. But with Barack Obama promising to raise rates to French-like levels, this taxman-cometh policy could turn Americans into the world's foremost fiscal prisoners.

And make no mistake, taxes under a President Obama would be à la française. The top marginal tax rate on income – including federal, state and local income and payroll levies – could reach 60% for many self-employed New Yorkers and Californians. Not even France's taxes are that high now that President Nicolas Sarkozy has capped the total that high-earning Frenchmen can pay in income, social and wealth taxes at 50% of earnings.

July 1, 2008
taxprof.typepad.com
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