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France's controversial 'super-tax' becomes effective despite business leaders and football clubs

Friday, January 3rd 2014 - 05:51 UTC
Full article 4 comments
Hollande's austerity measures have made him one of the most unpopular French presidents  Hollande's austerity measures have made him one of the most unpopular French presidents

A French court has approved a highly controversial “millionaire tax” on annual salaries above €1 million. The super tax, one of President Francois Hollande’s signature policies, has infuriated business leaders and football clubs.

 It was pushed as a tax to make the rich do more to pull France out of its economic crisis. The levy was initially aimed at individuals before being reworked to make companies liable.

France’s Constitutional Council gave the tax the green light on Sunday, one of its last 2013 rulings.

The tax, for earnings in 2013 and 2014, will hit around 470 companies and a dozen football clubs. It is expected to raise €210m a year.

Tax increases designed to reduce France’s budget deficit have fuelled rising discontent in the country, with recent polls giving Hollande the lowest approval rating of any French president on record.

His 2012 super tax election pledge infuriated high earners in France and prompted actor Gerard Depardieu to flee the country. It has also alienated entrepreneurs and foreign investors, who have accused Hollande of being anti-business.

Hollande has said that the wealthy should contribute more to help to repair the country’s finances, arguing that the super tax should also encourage companies to curb excessive executive pay.

Categories: Politics, International.

Top Comments

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  • Condorito

    Good job Hollande!

    French manufacturing PMI (47) in contraction territory for 20 consecutive months, while UK and Germany continue healthy expansion at 57 and 54 respectively.

    Tax the rich some more, that will help. lol

    Jan 03rd, 2014 - 05:12 pm 0
  • ChrisR

    You don’t think this guy is Robespierre reincarnate do you?

    Yes, let’s chase all the people making money or with money out of the country.

    Bit like Pepe and Stevie (wanabe Uruguayo, presently ex-pat Uruguayo).

    I suspect the dramatic fall from grace that Robespierre experienced will be reincarnated soon as well.

    Jan 04th, 2014 - 09:52 am 0
  • Britworker

    This is a stupid move by France, the people with money will take it and leave. Foolish policy.

    Jan 04th, 2014 - 04:55 pm 0
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