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A new tax came into effect on 1 January 2006, known as the contribution tarifaire d'acheminement (contribution tariff for the transportation [of electricity]), which taxes electricity and gas (€1 billion) in order to fund the special retirement plan for gas and electrical workers.
The "assigned taxes" (19% of revenue) include various contributions and taxes used to finance social security. The most important is the general social contribution (CSG), based on all household incomes and contributing to the financing of health insurance, family benefits and Retirement Solidarity Fund.
The mandatory state pension in France operates on a pay-as-you-go basis, redistributing contributions from current workers to retirees. It aims to provide 50% of a retiree's income based on their 25 highest earning years, up to a set ceiling (€41,136 annually in 2022).
The taxes retirees pay on Social Security benefits help to fund the program. The Social Security trust fund that pays a portion of the benefits is headed for insolvency in 2033, according to the ...
The funding by the tax "assigned taxes" constitutes a growing share of Social Welfare (nearly 21% in 2007, excluding transfers). This increase responds to the need not to weigh the financing of social benefits solely on labor income, and distinguish the financing of benefits under the National Solidarity and those of insurance.
The highest quintile pays 11.3% on their retirement income, while the top 5% is taxed at 16.4%, and the top 1% is taxed at 22.7%, according to the analysis. Retirees who pay most in taxes make ...
The federal government began taxing Social Security benefits with the 1984 tax year, but it wasn’t until 1993 that tax rates and income thresholds were set to what today’s seniors are expected ...
Total net social spending in terms of percent of GDP, takes into account public and private social expenditure, and also includes the effect of direct taxes (income tax and social security contributions), indirect taxation of consumption on cash benefits, as well as tax breaks for social purposes. [1]