24/7 Newsfeed

Put Reason 24/7 on Your Site


Follow Reason 24/7 on Twitter and via RSS

French Government Pledges To Reinstate Overruled Wealth Tax

 Francois Hollande and his allies must now seek a revised upper income tax rate for the wealthiest in France, after an initial version was ruled unconstitutional. The tax was among Hollande's key campaign pledges.

French President Francois Hollande did not comment publicly on Saturday after his proposed 75-percent tax rate for the country's top-earners was rejected by France's Constitutional Council. However aides close to the president told the French media that the president was "serene" after the setback.

Prime Minister Jean-Marc Ayrault faced the music in public instead, pledging a revised version of the bill before the end of 2013.

"The government will propose a new system that conforms with the principles laid down by the decision of the Constitutional Council," Ayrault said on Saturday. The council, nicknamed the "wise ones" in France, is comprised of former political, judicial, and civil leaders. It is charged with verifying the legality of draft laws and solving electoral disputes.

Source: Deutsche Welle. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.