- Prison Planet.com - http://www.prisonplanet.com -
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
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. 
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/french-court-rejects-75-percent-millionaires-tax.html
URLs in this post:
 Reuters: http://www.reuters.com/article/2012/12/29/us-france-tax-idUSBRE8BS05M20121229
 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
 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
 Supreme Court rejects judge-drawn Texas election maps: http://www.prisonplanet.com/supreme-court-rejects-judge-drawn-texas-election-maps.html
 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
 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
Copyright © 2013 PrisonPlanet.com. All rights reserved.