Read

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
 

Add new comment

Sign Up

Article Tabs

Jeremy Corbyn, MPs

The anti-Corbyn forces within Labour might very well have achieved the complete opposite of what they aimed to achieve.

shady financial practices, financial crimes, Dodd-Frank Act, Roosevelt Institute, too big to fail, Glass-Steagall Act, Gerald Epstein, Juan Antonio Montecino

The average U.S. household loses over $100,000 to destructive activities of bankers and financiers.

Bernie Sanders supporters traveled to Philadelphia from every corner of the country this week to show their enduring support for his candidacy.

This week, as the DNC rages on, we're talking state surveillance – digging deep into the past and present with surveillance expert, Chip Gibbons from Defending Dissent

"We are in a political moment where we can dismantle not only the racist neoconservative Republican Party, but also the racist and equally destructive neoliberalism of the Democratic Party."

Democratic National Convention, DNC, DNC protests, Hillary Clinton, Bernie Sanders, Bernie supporters, Food & Water Watch, March for a Clean Energy Future

More than 10,000 people calling for a “clean energy revolution” filled the streets here Sunday.

Posted 4 days 4 hours ago
anti-fracking protests, Keep It In the Ground, protester arrests, undercover agents

Emails obtained through an open records act request show that the Lakewood Police Department in Colorado collected details about a BLM oil and gas lease protest from undercover officers as the event was being planned.

Posted 6 days 23 hours ago
All Lives Matter protesters come together for a group hug with join Black Lives Matter activists in Dallas at Park Ln & Fair Oaks Ave. July 10th.

In recent weeks, the Southern Poverty Law Center has received a number of requests to name Black Lives Matter a hate group. In our view, these critics fundamentally misunderstand the nature of hate groups and the BLM movement.

Posted 4 days 4 hours ago
Democratic National Convention, Bernie Sanders, Jill Stein, Bernie protesters, progressives, Equality Coalition for Bernie Sanders, Migrants Rights March, Juntos, immigrant rights, Democracy Spring

We’re supposed to have a government of and by the people, but the government we have is only interested in protecting the rights of big corporations and billionaires.

Posted 2 days 14 hours ago

Bernie Sanders supporters traveled to Philadelphia from every corner of the country this week to show their enduring support for his candidacy.

Posted 1 day 23 hours ago
marijuana legalization, cannabis legalization, legalized weed, Adult Use of Marijuana Act, AUMA, Monsanto, GMOs, seed patents, George Soros, corporate marijuana takeover

With the cannabis industry predicted to generate over $13 billion by 2020, there should be little doubt that companies like Monsanto are simply waiting for Uncle Sam to remove herb from Schedule I.

Democratic National Convention, Bernie Sanders, Jill Stein, Bernie protesters, progressives, Equality Coalition for Bernie Sanders, Migrants Rights March, Juntos, immigrant rights, Democracy Spring

We’re supposed to have a government of and by the people, but the government we have is only interested in protecting the rights of big corporations and billionaires.

All Lives Matter protesters come together for a group hug with join Black Lives Matter activists in Dallas at Park Ln & Fair Oaks Ave. July 10th.

In recent weeks, the Southern Poverty Law Center has received a number of requests to name Black Lives Matter a hate group. In our view, these critics fundamentally misunderstand the nature of hate groups and the BLM movement.

super rich, growing inequality, wealth inequality, joblessness, societal decay, pandemics, global terrorism

Perhaps they feel immune from the killings in the streets, for they rarely venture into the streets anymore. They don’t care about the great masses of ordinary people, nor do they think they need us.

Jeremy Corbyn, MPs

The anti-Corbyn forces within Labour might very well have achieved the complete opposite of what they aimed to achieve.