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France: Millionaire Tax Approved By High Court

By: Staff Writer  Dec 31, 2013  14:52

The French government is to introduced a 75% tax on millionaires. The controversial tax will be called a millionaire tax. And has been given the all clear by the French High Court.

The tax has been designed to target the businesses and not citizens. The companies that fall into the bracket of been taxed under the millionaire tax are companies that pay salaries of more than €1 million. The revenue raised from the tax will be used to lessen the high deficits that the country is suffering.

The tax is designed in such a way that there will be a 50% levy on the portion of wages above €1 million in 2013 and 2014.

It is estimated that there will be 470 companies and a dozen soccer clubs that will be affected by the tax. It is forecast to raise approximately €210 million a year.

Socialist French President François Holland has said that the wealthy need to help pull France from the financial crisis. Recent opinion polls in France show that the millionaire tax has a lot of support from the French population.

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