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Top French court overturns 75 percent upper tax rate
PARIS |
PARIS (Reuters) - France's Constitutional Council said on Saturday it was overturning a 75 percent upper tax rate on income above 1 million euros ($1.32 million) due to be introduced in 2013 by the seven-month-old Socialist government.
The 75 percent rate, which has infuriated high earners, was the flagship tax proposal of President Francois Hollande's campaign for the May election as he sought to make the wealthy be seen to contribute more towards reducing the public deficit. ($1 = 0.7564 euros)
(Reporting by Emile Picy; Writing by Catherine Bremer; Editing by Robin Pomeroy)
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Comments (1)
Marvin_Aus wrote:
Was wondering if Mr Hollande knows what he is doing.At best all high earners will get out of France for tax purposes.France will never get any extra tax income.I love France and French people but dislike populist politicians. France under Mr.Hollande’s guidance is worrisome (inquiétant).Vous ferais mieux de changer Mr. Hollande.
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