(Reuters) - More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data.
The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million).
President Francois Hollande's Socialist government imposed the tax surcharge last year, shortly after taking office, to offset the impact of a rebate scheme created by its conservative predecessor to cap an individual's overall taxation at 50 percent of income.
The government has been forced to redraft a proposed bill to levy a temporary 75 percent tax on earnings over 1 million euros, which had been one of Hollande's campaign pledges.
4 comments:
What can you expect when the welfare payment can reach $100,000 per year if there are enough children. The government has just announced it is going to cut welfare payment for those getting between 5-6000 Euros per month. Depending on the exchange, a Euro is between $1.25 and $1.50
Damn, that's some rich Muslims.
'redistribution of wealth' reminds you of someone?
In 1965 Obama´s father, at least the one he claims to be his father, wrote a paper proposing precisely a 100% taxation if necessary ...
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