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
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)
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(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. (Read more France stories.)

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