About that French 75% tax rate for millionaires?
Struck down by their courts. From
Reuters:
French court rejects 75 percent millionaires' tax
France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.
The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households.
Hey Francois -- how about some spending cuts? That would work a lot better. Not as popular with the underclass but it would work.
More at
Bloomberg, the
UK Guardian and
Yahoo/Associated Press.
Posted by DaveH at December 29, 2012 11:28 AM