French High Court Approves 75 Percent Tax For Top Earners
NPR
Monday, December 30, 2013
Update RequiredTo play audio, update browser or
Flash plugin.
Copyright 2024 NPR. To see more, visit https://www.npr.org.
The millionaire tax was a campaign promise from French President Francois Hollande. Film star Gerard Depardieu famously fled the country to avoid paying the tax.
Transcript
DAVID GREENE, HOST:
NPR's business news starts with a tax hike for la creme de la creme.
Yesterday, French President Francois Hollande's millionaires tax got the official go-ahead from the nation's Constitutional Council. Now all salaries over a million euros will be taxed at a rate of 75 percent.
Part of the tax hike will be shouldered by companies who are paying the higher salaries. Business leaders complain the new tax will only drive more entrepreneurs and wealthy into exile.
France already has one of the highest tax rates in the entire world. Last year, you might remember, one of France's most recognizable actors, Gerard Depardieu, and in his passport over his tax bill and moved to Russia. Transcript provided by NPR, Copyright NPR.
View this story on npr.org
Follow us for more stories like this
CapRadio provides a trusted source of news because of you. As a nonprofit organization, donations from people like you sustain the journalism that allows us to discover stories that are important to our audience. If you believe in what we do and support our mission, please donate today.
Donate Today