French 'Millionaire's Tax' Gets Constitutional Go-Ahead

Monday, December 30, 2013

French 'Millionaire's Tax' Gets Constitutional Go-Ahead

file - The French flag flies under the Arc de Triomphe.

Reuters

PARIS — France's Constitutional Council gave the green light on Sunday to a 'millionaire's tax', to be levied on companies that pay salaries of more than 1 million euros ($1.38 million) a year.

The measure, introduced in line with a pledge by President Francois Hollande to make the rich do more to pull France out of crisis, has infuriated business leaders and soccer clubs, which at one point threatened to go on strike.

It was originally designed as a 75 percent tax to be paid by high earners on the part of their incomes exceeding 1 million euros, but the council rejected this, saying 66 percent was the legal maximum for individuals.

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French 'millionaire's tax' ruled legal

Levy on companies paying seven-figure salaries passed by constitutional court despite protests from business and sport

Reuters in Paris
theguardian.com, Sunday 29 December 2013 11.10 EST

Paris Saint Germain vs Lille OSC 22/12/13

Paris St Germain striker Zlatan Ibrahimovic in action against Lille last week. French football teams had threatened to strike over the tax. Photograph: Etienne Laurent/EPA

France's constitutional council has given the go-ahead to a "millionaire's tax" to be levied on companies that pay salaries of more than €1m (£830,000) a year.
The measure, which follows a pledge by President François Hollande to make the rich do more to pull France out of crisis, has infuriated business leaders and football clubs, which at one point threatened to go on strike.
It was originally designed as a 75% tax to be paid by high earners on the part of their incomes exceeding €1m, but the council rejected this, saying 66% was the legal maximum for individuals.

Read More Here

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