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

On Wednesday, nine Democratic senators came out in support of a resolution to make four-year public colleges in the U.S. debt-free.

One lesson of the 2014 election cycle: More money came from fewer people.

water protections, Clean Water Act, American Farm Bureau Federation, Environmental Protection Agency, EPA

Drinking water for 117 million Americans will be protected under new rules shielding small streams, tributaries and wetlands from pollution and development.

Lawrence Lessig, Marianne Williamson, Killswitch, New Hampshire Rebellion, Move to Amend, WolfPAC, money in politics, Trans-Pacific Partnership, TPP, Article V convention, Citizens United, campaign finance reform

On June 4, two of the nation’s leading voices against political corruption, Lawrence Lessig and Marianne Williamson, will join Occupy.com's screening of "Killswitch" in a call for sweeping citizen action to root money out of politics in 2016.

anti-austerity movement, U.K. anti-austerity protests, wealth gap, rising inequality

As election resentment gathers speed in the U.K., reinvigorated protest efforts are emerging as well.

Plains All American, Surfrider Foundation, oil spill, Santa Barbara,

New details have emerged about Plains All American's long history of generating similar disasters.

Posted 6 days 16 hours ago

The U.S. ranks among the most unequal countries, surpassed only by Turkey, Mexico and Chile.

Posted 6 days 17 hours ago
$15 minimum wage, low wage workers, fast-food worker strikes, Fight for 15, minimum wage hikes

Some of the biggest cities in America are now defying decades of economic orthodoxy and challenging social norms that regarded low-wage jobs as unavoidable and acceptable.

Posted 6 days 17 hours ago

Spain’s 15-M Movement made the move from city squares to the halls of power on Sunday in municipal and regional elections that saw the ruling People’s party battered at the ballot box.

Posted 2 days 14 hours ago
March Against Monsanto, Monsanto, GMOs, genetically modified organisms, genetic seeds

Saturday marked the third annual March Against Monsanto, as thousands of people in at least 48 countries protested the American biotech giant.

Posted 2 days 15 hours ago

The movement against rigged corporate trade is going to have to escalate its campaign if we are to hold the majority and stop Fast Track for the Trans-Pacific Partnership.

Patriot Act, Eleanor Goldfield, #ShellNo, ActOut!

This week we dive into the toxic sludge of the oil industry.

Arab Spring, Mohamed Morsi, Muslim Brotherhood, Hosni Mubarak, Tahrir Square

The timing of Morsi's death sentence couldn’t have been better for Egyptian authorities – since the U.S. news media that week was focused on another high profile death sentence, that of Boston Marathon bomber Dzhokar Tsarnaev.

money in politics, income inequality, wealth gap

A new book examines why presidents tend to focus on the opinions of the wealthy and well-connected insiders when making their decisions – ignoring the views of most voters.

March Against Monsanto, Monsanto, GMOs, genetically modified organisms, genetic seeds

Saturday marked the third annual March Against Monsanto, as thousands of people in at least 48 countries protested the American biotech giant.

Sign Up