French Frontrunner Wants 75% Tax on Millionaires

Francois Hollande: Those making more than 1M euros should pay huge rate
By Kate Seamons,  Newser Staff
Posted Feb 28, 2012 8:52 AM CST
French Socialist Party candidate for the 2012 presidential elections Francois Hollande delivers a speech during a campaign rally in Le Mans, western France, Thursday, Feb. 23, 2012.   (AP Photo/David Vincent)

(Newser) – A poll out today continues to give Francois Hollande the edge over Nicolas Sarkozy in round one of France's presidential election, 31.5% to 27%, and a hearty lead in the runoff, 58% to 42%. Should the Socialist frontrunner indeed win, here's another percentage that will likely be thrown around a lot: 75%. That's the income tax rate Hollande believes the biggest earners should pay, and will push for. "Above 1 million euros [$1.3 million], the tax rate should be 75% because it's not possible to have that level of income," he said on TV, vowing to undo Sarkozy's tax breaks and later calling the 75% rate a "patriotic act."

BBC notes that Hollande's party and campaign seemed more than a little surprised about his new taxation plan. "You are asking me about a declaration which, for my part, I haven't heard," said the head of his campaign's budgetary affairs when asked for a comment. (Read more French presidency stories.)

My Take on This Story
Show results without voting  |