Taxes

French Socialists At Odds Over Millionaire Tax

Watching the wealthy race for the exits is a bit demoralizing

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Disagreements have emerged between members of France's Socialist-led government over a bill to tax the country's highest earners, after the original 75% law championed by François Hollande was struck down by France's highest court.

France's ruling Socialist government was struggling to rebound a week after the Constitutional Council struck down its law to tax the country's highest earners at a 75% rate, with government ministers publicly disagreeing on how to rescue one of President François Hollande's flagship measures.

On Sunday, Finance Minister Pierre Moscovici told France Inter radio that the bill was being re-written and that it would be an "exceptional, temporary" law that should not outlive France's current economic slump.

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