France's Top Court Approves 75% "Millionaire's Tax" on Employers

Search form

France's Top Court Approves 75% "Millionaire's Tax" on Employers

France's Top Court Approves 75% "Millionaire's Tax" on Employers
Mon, 12/30/2013
This article originally appeared on Reuters

France's Constitutional Council – the country's highest court – gave the green light on Sunday to a controversial "millionaire's tax," to be levied on companies that pay salaries of more than a million euros 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.

The government has since reworked the tax to levy it on companies instead, raising the ire of entrepreneurs.

Under its new design, which the Council found constitutional, the tax will be an exceptional 50 percent levy on the portion of wages exceeding 1 million euros paid in 2013 and 2014.

Its rate will effectively remain roughly 75 percent, but the tax will be capped at 5 percent of the company's turnover.

The Council, a court made up of judges and former French presidents, has the power to annul laws if they are deemed to violate the constitution.

Originally published by Reuters
 

Article Tabs

The worldwide protest sentiment is not going away anytime soon.

Proposed legislation would eliminate erratic scheduling and extend protections to part-time employees.

A proposed community-owned solar project on an abandoned coal mine in Arizona illustrates how cooperative economics make it possible to stop extracting fossil fuels — without leaving workers behind.

This was the biggest scandal to ever hit the land recordation system in this country, and those who were responsible should be held accountable.

Over 300,000 Internet users contributed to our crowdsourced vision for free expression online in the 21st century. What matters most to the Internet community? Watch this animated video to find out.

A new pamphlet, released today, is an attempt to answer this question – and the case we make is, yes, it not only makes sense to think of planetary control in these terms, but it is essential.

Posted 3 days 23 hours ago

They meet behind closed doors, at five-star hotels, away from the prying eyes of the public.

Posted 3 days 38 min ago

"It's a nuisance smell in the area. It's a smell that's traveled quite far," said Jeff Suggs, emergency management coordinator for La Porte, where the company's accident occurred.

Posted 5 days 1 hour ago

Mexico's population is now making itself heard – tired of a tiny elite that treats them like subjects rather than citizens, and tired of the criminal gangs that terrorize them and corrupt the political process.

Posted 5 days 1 hour ago

Consumer watchdog groups, payday borrowers and victims of payday theft need to come together to end the practice that creates a never-ending cycle of debt.

Posted 3 days 23 hours ago

The plan submitted by the city's emergency manager protects banks, gives away public resources, and has no method to revitalize the city.

Mexico's population is now making itself heard – tired of a tiny elite that treats them like subjects rather than citizens, and tired of the criminal gangs that terrorize them and corrupt the political process.

"It's a nuisance smell in the area. It's a smell that's traveled quite far," said Jeff Suggs, emergency management coordinator for La Porte, where the company's accident occurred.

Reform Government Surveillance coalition, NSA surveillance programs, National Security Agency, USA Freedom Act, Consumer Electronics Association

The Reform Government Surveillance coalition, including the biggest names in consumer technology, has backed a U.S. bill that would limit surveillance and prevent bulk email collection.

Instead of loaning students money, the federal government could just pay for the tuition without causing any significant economic problems. There is no fiscal reason why the student debt crisis should exist.

Sign Up