Good luck with that.
Posted on 01/02/2014 1:55:45 PM PST by Lorianne
France's Constitutional Council gave the green light on Sunday to a 'millionaire's tax', to be levied on companies that pay salaries of more than one million euros, or about $1.4 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.
It was originally designed as a 75 per cent tax to be paid by high earners on the part of their incomes exceeding one million euros, but the council rejected this, saying 66 per cent was the legal maximum for individuals.
The Socialist government has since reworked the tax to levy it on companies instead, raising the ire of entrepreneurs.
(Excerpt) Read more at cbc.ca ...
IIRC there are more french millionaires in england than in france
They changed the law so that the high earning employees don’t pay the tax, instead the companies do.
I wonder how this will be implemented. Will the companies deduct the tax from the employee’s wages, or will the companies absorb the tax?
What would you do if you ran a company with million euro salaries?
Good luck with that.
In the US, we had a 94% top tax rate on income over $200,000. During (relative) peacetime, it was 92%. However, perks such as housing, cars, and stock options didn’t count.
There were so many loopholes, nobody paid those rates.
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