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French court rejects 75 percent millionaires’ tax

Posted By admin On December 29, 2012 @ 3:10 pm In Featured Stories,Money Watch | Comments Disabled

Emile Picy and Catherine Bremer
Reuters [1]
December 29, 2012

(Reuters) – France’s Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande’s push to make the rich contribute more to cutting the public deficit.

The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) – a flagship measure of Hollande’s election campaign – was unfair in the way it would be applied to different households.

Prime Minister Jean-Marc Ayrault said the government would redraft the upper tax rate proposal to answer the Council’s concerns and resubmit it in a new budget law, meaning Saturday’s decision could only amount to a temporary political blow.

While the tax plan was largely symbolic and would only have affected a few thousand people, it has infuriated high earners in France, prompting some such as actor Gerard Depardieu to flee abroad. The message it sent also shocked entrepreneurs and foreign investors, who accuse Hollande of being anti-business.

Full story here. [1]

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/2012/12/29/us-france-tax-idUSBRE8BS05M20121229

[2] Taxes on some wealthy French top 100 pct of income: paper: http://www.prisonplanet.com/taxes-on-some-wealthy-french-top-100-pct-of-income-paper.html

[3] Two-thirds of millionaires left Britain to avoid 50p tax rate: http://www.prisonplanet.com/two-thirds-of-millionaires-left-britain-to-avoid-50p-tax-rate.html

[4] Supreme Court rejects judge-drawn Texas election maps: http://www.prisonplanet.com/supreme-court-rejects-judge-drawn-texas-election-maps.html

[5] House Plans to Tax Millionaires to Fund U.S. Health-Care Plan: http://www.prisonplanet.com/house-plans-to-tax-millionaires-to-fund-u-s-health-care-plan.html

[6] Plundering the middle class – 35 percent of American households live on $35,000 or less each year. Bailouts a success for the wealthiest 5 percent of Americans: http://www.prisonplanet.com/plundering-the-middle-class-%e2%80%93-35-percent-of-american-households-live-on-35000-or-less-each-year-bailouts-a-success-for-the-wealthiest-5-percent-of-americans.html

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