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

Students are rejecting a proposed tuition hike that would raise their costs by more than $3,300 over the next five years.

Ferguson, Mo., Darren Wilson, Michael Brown, protest

On August 9, Ferguson police officer Darren Wilson shot a black teenager named Mike Brown. Since then, the city has been protesting.

pipeline protests, Kinder Morgan, tar sands, tar sands pipeline, Burnaby, #BurnabyMountain

Standing on the side of the protesters, Burnaby Mayor Derek Corrigan vowed to wage war against fossil fuel giant Kinder Morgan.

Raleigh resident Bibi Bowman says the fact that a police officer called her and told her to take down a Facebook post is an invasion of her privacy and a thinly-veiled attempt to intimidate her into silence.

We are educating each other, we are learning from each other, we are supporting each other in this cavernous journey for justice and the “hope” that our system of laws will not continue to betray us.

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 6 days 10 hours ago

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

Posted 5 days 12 hours ago

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

Posted 3 days 11 hours 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 6 days 10 hours ago

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.

Posted 3 days 11 hours ago

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.

According to new research, the richest one-hundredth of one percent of Americans now hold over 11 percent of the nation’s total wealth – a higher share than the top .01 percent held in 1929 before the Great Crash.

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.

With a $150 million World Bank loan, the Ugandan government plans to construct roads to service oil companies, provide scholarships for oil workers and fund an oil institute. But what about helping its own people?

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

Sign Up