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France's Hollande Eyes 75% Tax Rate

by Ulrika Lomas,, Brussels

01 March 2012

French Socialist candidate for the Elysée François Hollande has recently announced plans if elected to introduce a top rate of income tax in France of 75%, imposed on income in excess of EUR1m (USD1.3m) a year.

Although Hollande had previously unveiled election plans to levy a 45% rate of tax on income above EUR150,000, after further consideration, the presidential hopeful decided to create an additional 75% rate of tax imposed on “indecent” remuneration of over EUR1m.

Denouncing existing injustices, and citing the interest of fairness, Hollande also called for income from capital to be taxed at the same tax rate as income from work, using the same income tax scale.

The Socialist candidate has also recently called for the introduction of a tax at European level on all financial transactions, including derivative products, arguing that the government’s plans for such a tax suffered from a “serious lack of ambition”, depriving the measure of any efficiency, both in terms of curbing speculation and generating significant revenues for the state.

According to Hollande, the Socialist Party’s aim to fix the tax at 0.05% should serve as a basis for future discussions with France’s European partners.

The product of the “European tax” would be used to combat severe indebtedness among member states, to aid growth in Europe by financing large projects, and to finance international development and climate change projects, Hollande added.

TAGS: individuals | tax | speculation | banking | capital markets | tobin tax | tax rates | France | individual income tax

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