Sunday, December 29, 2013

French Court OKs a 75% Tax Rate for Millionaires; Many Plan to Leave France for Belgium, UK, Switz.

A top French court has approved a controversial new tax hike that will see those making one million euros ($1.4 million) taxed at a rate of 75 percent, the Global Post website reports today (December 29, 2013).

France's president Francois Hollande's plan includes a proposal that companies will have to pay a 50 percent duty on wages above one million euros, which along with other charges, amounts to about 75 percent in taxes.

The law was announced in February 2012 as part of the Socialist president's campaign.

The law has many of France's wealthy business people and celebrities up in arms and threatening to leave the country for Belgium, the United Kingdom, and Switzerland.

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