France drops 75% tax rate for millionaires

2014-12-31 12:26

It was supposed to force millionaires to pay tax rates of up to 75%: “Cuba without the sun,” as described by a critic from the banking industry.

The tax of 75% on income earned above €1 million ($1.22 million) was promoted in 2012 by the newly-elected Hollande as a symbol of a fairer policy for the middle class, a financial contribution of the wealthiest at a time of economic crisis.

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