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French Left Candidate Proposes 90 Percent Tax

by Ulrika Lomas, Tax-News.com, Brussels

22 February 2017


Jean-Luc Melenchon, a left-wing candidate in the French presidential race, has proposed a 90 percent rate of tax on high incomes as part of a EUR273bn (USD290bn) fiscal program designed to boost the French economy.

During a five-hour presentation of his proposed political program, broadcast on Youtube on February 19, Melenchon spoke of a massive crackdown on tax avoidance, and the cancellation of most corporate deductions to raise funds for a large increase in public spending.

Together, these initiatives would raise more than EUR70bn in additional revenue, although Melenchon plans to reduce corporate tax.

Melenchon also mentioned a new top rate of personal income tax of 90 percent on incomes in excess of EUR400,000 per year.

Melenchon is a former member of the Socialist Party, and is standing for President as an independent candidate. However, he is seen as very much to the left of the official Socialist nominee Benoit Hamon.

Melenchon also stood in the 2012 presidential election, won by incumbent President Francois Hollande, at which he gained 11 percent of the vote. While polls suggest that Melenchon's chances of becoming President this year are slim, some political analysts expect him to also take a significant proportion of the left wing vote in the first round of the election in April.

TAGS: tax | tax avoidance | corporation tax | France | individual income tax

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