PARIS (AP) — A French constitutional panel has thrown out a
plan to tax the ultrawealthy at a 75 percent rate, saying it was
excessive.
The constitutional council ruled Saturday that the
highly contentious tax, which President Francois Hollande promised to
impose while campaigning, was unfair. It was intended to hit those with
incomes over €1 million ($1.32 million).
The French government
approved the tax in its most recent budget, but even before many said it
would do little to stem the country’s mounting fiscal problems and
would drive away the wealthiest citizens. Hollande’s popularity,
meanwhile, has been tanking as the country’s unemployment continued its
rise for the 19th straight month.
In recent weeks, Gerard Depardieu — France’s most famous actor — moved to Belgium to avoid his home
country’s high taxes.
Copyright 2012 The Associated Press.
PARIS (AP) — A French constitutional panel has thrown out a
plan to tax the ultrawealthy at a 75 percent rate, saying it was
excessive.
The constitutional council ruled Saturday that the
highly contentious tax, which President Francois Hollande promised to
impose while campaigning, was unfair. It was intended to hit those with
incomes over €1 million ($1.32 million).
The French government
approved the tax in its most recent budget, but even before many said it
would do little to stem the country’s mounting fiscal problems and
would drive away the wealthiest citizens. Hollande’s popularity,
meanwhile, has been tanking as the country’s unemployment continued its
rise for the 19th straight month.
In recent weeks, Gerard Depardieu — France’s most famous actor — moved to Belgium to avoid his home
country’s high taxes.
Copyright 2012 The Associated Press.