French Scrap 75% Tax On The Rich

[Valin]

Via Meadia:

3/32/13

 

Francois Hollande really can’t catch a break. One of the most memorable election promises he made was to raise marginal tax rates on the very rich—those making €1 million or more—to an eye-popping 75%. His government has, alas, finally decided to scrap that particular pledge. The Wall Street Journal has *details:

 

The notion of slapping a 75% marginal tax rate on those earning over €1 million ($1.3 million) a year has been on shaky ground ever since the country’s top constitutional authority shot it down in late December on the grounds that applying it to individuals and not households was illegal. The ruling came as a political blow to Mr. Hollande, who had vowed to make the tax a key plank of his platform that called for greater fiscal justice.

 

Dropping the tax plan is the latest challenge for the Socialist president, who is struggling to revive France’s stalled economy, with unemployment above 10% and rising.

 

(Snip)

 

 

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Yes taxing the rich at 75% will revive a stalled economy....