French court rejects 75 percent millionaires' tax

[Locutus]

Well, well, well...

(Reuters) - France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.

The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households.

Prime Minister Jean-Marc Ayrault said the government would redraft the upper tax rate proposal to answer the Council's concerns and resubmit it in a new budget law, meaning Saturday's decision could only amount to a temporary political blow.


more


French court rejects 75 percent millionaires' tax | Reuters

h/t Drudge

 

[L Gilbert]

Makes sense. The best thing the French gov't can do is actually live within its means. I haven't seen many gov'ts anywhere do that. Blowing public money is too easy and is habitual.

 

[damngrumpy]

The way the law was drafted does not conform to the legal letter of the law
good for the courts. I think instituting a seventy five percent tax law is a
tad bit over the top anyway. I understand the rich should pay their share
fine with me. However it should not be that the government attempts to get
all its money from the rich, and its not practical anyway there would not be
enough rich people to take enough money to solve the problem.
Better yet if they enacted a formula that would allow the rich to make more
or save more if they invested in certain sectors of the economy that would
spur employment. Rather than just taking the money for general treasury
it would be better to see it invested in area of strategic interest to investors
and government alike.

 

[Ron in Regina]

Well, well, well...

(Reuters) - France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.

The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households.

Prime Minister Jean-Marc Ayrault said the government would redraft the upper tax rate proposal to answer the Council's concerns and resubmit it in a new budget law, meaning Saturday's decision could only amount to a temporary political blow.


more


French court rejects 75 percent millionaires' tax | Reuters

h/t Drudge

I believe Britain brought in taxation (not to that extreme though) along those lines
already, and our neighbours to the south are still singing that song. I believe the
number of millionaires in Britain decreased by something like 2/3rds after that
taxation on millionaires came into play.

 

[damngrumpy]

The law in America is different though. What they are really doing is bringing back
the tax category that existed until Bush lowered it. That is the theme anyway. this
is a huge increase just because they can. I don't mind the rich being made to
accept responsibility for society but this goes way beyond that.

 

[taxslave]

How many of the judges found themselves in that top tax bracket?