Yay! French 75% income tax thrown out

Subject: Yay! French 75% income tax thrown out Sat Dec 29, 2012 5:21 am

France's constitutional council says it is overturning an upper income tax rate of 75% due to be introduced in the new year.

The tax rise was a key policy for Socialist President Francois Hollande, who was elected in May.

http://www.bbc.co.uk/news/world-europe-20864114#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

Subject: Re: Yay! French 75% income tax thrown out Sat Dec 29, 2012 4:03 pm

EDIT: Perhaps we should hold off the celebrations.....

French millionaires would be well-advised to think twice before cracking open the champagne over the Constitutional Council's ruling.

The court emphatically did NOT say that the 75 per cent tax rate was too high.

No, the point on which the socialist government's flagship measure came unstuck was a technicality. In French jargon the new tax bracket for people earning more than a million euros had not been "conjugalised".

As framed, the tax band applied to individuals - not to households.

But in France, income tax is levied on households.

Therefore the provision breached the constitutional requirement that it be equitable for all.

The measure will almost certainly be back. All the government has to do is reframe and resubmit. But it now stands accused not just of a certain vindictiveness towards the rich, but also of a certain legal incompetence too.

http://www.bbc.co.uk/news/world-europe-20864114#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

Subject: Re: Yay! French 75% income tax thrown out Tue Jan 01, 2013 4:14 pm

Hollande vows to revive French supertax

France's President Francois Hollande says he still plans to raise the top rate of income tax after his 75% plan was struck down on technical grounds.

Yay! French 75% income tax thrown out 6502847665028473

In a national address on New Year's Eve, he said the law would be redesigned, adding, "we will still ask more of those who have the most".

However, he did not mention the 75% figure, leading some to speculate that the move would be watered down.

The president also promised "all efforts" towards cutting unemployment.

The number of jobless broke the three-million barrier for the first time this year, prompting Mr Hollande to say the trend must be reversed.

http://www.bbc.co.uk/news/world-europe-20881383#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

Yay! French 75% income tax thrown out

Yay! French 75% income tax thrown out

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