France

French Constitutional Council Approves 75 Percent Tax on the Wealthy

What could possibly go wrong?

|

PARIS — France's Constitutional Council gave the green light on Sunday to the government's controversial 'millionaire tax', to be levied on companies that pay salaries of more than 1 million euros ($1.38 million) a year. 

The measure, introduced in line with a pledge by President Francois Hollande to make the rich do more to pull France out of crisis, has infuriated business leaders and soccer clubs, which at one point threatened to go on strike.