Read

User menu

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
 

3 WAYS TO SHOW YOUR SUPPORT

ONE-TIME DONATION

Just use the simple form below to make a single direct donation.

DONATE NOW

MONTHLY DONATION

Be a sustaining sponsor. Give a reacurring monthly donation at any level.

GET SOME MERCH!

Now you can wear your support too! From T-Shirts to tote bags.

SHOP TODAY

Sign Up

Article Tabs

There are multiple similarities between Trump and the British monarch when looking at the 27 grievances the framers outlined in their 1776 declaration.

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

We have to be smart in how we fight against Trump and the Republican Party this time around. That means picking our battles wisely, and not taking bait that’s dangled in front of our faces.

Over the next two years, Democrats have the unfettered ability to be an albatross around the neck of the GOP — and to make sure that what little they manage to get done due to their paper-thin majorities becomes the reason for their undoing.

There are multiple similarities between Trump and the British monarch when looking at the 27 grievances the framers outlined in their 1776 declaration.

The grassroots opposition to President Donald Trump is hitting the streets everywhere.

Protests are set to take place in several major cities across the U.S. on Monday, the Presidents Day holiday, according to activists.

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

Over the next two years, Democrats have the unfettered ability to be an albatross around the neck of the GOP — and to make sure that what little they manage to get done due to their paper-thin majorities becomes the reason for their undoing.

Posted 1 month 1 week ago

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

Posted 2 weeks 2 days ago

There are multiple similarities between Trump and the British monarch when looking at the 27 grievances the framers outlined in their 1776 declaration.

Posted 4 days 5 min ago

We have to be smart in how we fight against Trump and the Republican Party this time around. That means picking our battles wisely, and not taking bait that’s dangled in front of our faces.

Posted 3 weeks 2 days ago

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

Posted 2 weeks 2 days ago

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

The way the urban commons create a space to solve material problems and enable social movements to forge city-wide networks are antidotes to people being attracted towards the far-right.

We have to be smart in how we fight against Trump and the Republican Party this time around. That means picking our battles wisely, and not taking bait that’s dangled in front of our faces.