France's
Constitutional Council has approved Francois Hollande's 'millionaire’s tax.'
The tax will be levied on companies paying salaries of more than 1 million
euros a year.
French
President Francois Hollande's high income super-tax has finally been approved
after the country's highest court upheld the latest version of the law.
Hollande
originally promised a 75-percent tax on income over 1 million euros ($1.38
million) on parts of an individual's income which exceeds that amount. The
Constitutional Council rejected this, saying 66-percent was the legally
permissible maximum for individuals.
The
measure, introduced after Hollande's campaign promise to do more to make France
fairer for the middle class, has infuriated business leaders and soccer clubs,
which have in the past threatened to go on strike should the law be enforced.
The levy
has since been re-worked to include companies instead of individuals to the pay
the tax, angering entrepreneurs.
The Council
ruled that the tax will now include a 50-percent levy on the portion of wages
exceeding 1 million euros paid in 2013 and 2014.
The
Constitutional Council is made up of former French presidents and judges.
jlw/rc (AP, Reuters)
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