France Gets Its Millionaires Tax

Constitutional Council finds revised 50% tax is constitutional

By Polly Davis Doig,  Newser Staff

Posted Dec 29, 2013 8:28 AM CST

(Newser) – Francois Hollande finally got his millionaires tax today, with France's Constitutional Council clearing the way for the president's much-debated move to level the playing field for the middle class, reports Reuters. Hollande's tax was originally a 75% tax on income over $1.38 million; the council ruled that was unconstitutional, forcing Hollande to revise it into its present form—a 50% tax on income exceeding $1.38 million that is paid by the employer, notes the AP. The revision has not sat well with business owners.

French President Francois Hollande talks with Austrian Chancellor Werner Faymann, during an EU summit in Brussels, Friday, Dec. 20 2013.
French President Francois Hollande talks with Austrian Chancellor Werner Faymann, during an EU summit in Brussels, Friday, Dec. 20 2013.   (AP Photo/Geert Vanden Wijngaert)
French President Francois Hollande addresses the media at the end of a two-day EU summit in Brussels, Friday, Dec. 20, 2013.
French President Francois Hollande addresses the media at the end of a two-day EU summit in Brussels, Friday, Dec. 20, 2013.   (AP Photo/Geert Vanden Wijngaert)
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