Zero HedgeApril 3, 2013 The ever-changing rules of the French atax-the-richa socialist state have crazy eyet another accidental consequence.ABloomberg reviews that Prime Minister Jean-March Ayrault confirmed today thatAFranceas professional basketball players is likely to be accountable for the 75% asurchargea on salaries above EUR1 million. Though it would be paid by firms, not folks, circumventing the courtsa questions, after the countryas top administrative judge said any rate above 66% could be rejected as confiscatory, the tax was revived by Hollande, saying the rate would stay 75%. That solution left open the question of whether self- employed musicians and athletes would be taxed a' Ayrault confirmed it today. We think the transfer window will be available as soon as possible as awith these ridiculous work costs, France will lose its best players, our clubs will see their competitiveness in Europe decline, and the federal government will lose its best taxpayers.a Paris St. Germain, David Beckhamas present team, has over twelve players/coaches paid more than EUR1mm and with Zlatan Ibrahimovic at EUR15mm annually, we imagine the Swede is likely to be going back once again to England as soon as possible -Aor perhaps Cyprus needs some players? Via Bloomberg, Rome E. Germain, Franceas wealthiest baseball team, a PSGas Qatari owners also have the tax man to consider. After contradictory messages by government officials,APrime Minister Jean-Marc Ayraultas company issued a statement today confirming that the 75 percent surcharge on earnings above 1 million pounds ($1.3 million) may affect soccer clubs. aThis new tax will cost first-division teams 82 million euros,a Franceas Football League mentioned in a statement.AaWith these mad labor prices, France will lose its best people, our clubs will see their competitiveness in Europe decline, and the us government will lose its best taxpayers.a At least 12 members of the Paris staff make more than 1 million a year, based on France Football newspaper. They include Swedish striker Zlatan Ibrahimovic, 15 million euros a year, and Italian instructor Carlo Ancelotti, at 12 million euros. a Several baseball players would currently be taxed at Franceas top marginal rate of 49 percent, which kicks in at 500,000 euros a would then pay a surcharge to carry the effective tax rate on earnings above 1 million euros to 75 percent. Court Judgment An initial make an effort to place the tax in to law was shot down by the constitutional court last December as the tax applied to people and not families. Top administrative judge said any price above 66 percent could possibly be rejected as confiscatory as the government then said it'd rewrite the tax for 2014,Athe countryas. In although it would be paid by companies, not folks, circumventing the courtsa arguments, a television interview the tax was revived by last week,AHollande, saying the price would stay 75 percent. a Within an interview with Journal du Dimanche March 31,AAyrault avoided the problem, saying that some organizations paid aindecenta earnings and joking that actor Gerard Depardieu, who has left France for Belgium, thought fees already are excessive in France. This article was posted: Wednesday, April 3, 2013 at 4:55 am
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