France's 75% 'supertax' thrown out as unfair and unconstitutional

By artappraiser on Sun, 12/30/2012 - 7:43pm |

Blow for François Hollande as constitutional council vetoes Socialist policy at the 11th hour

By Kim Willsher in Paris, The Observer, 29 Dec 2012

France's constitutional council has dealt a blow to beleaguered Socialist president François Hollande by rejecting the new 75% rate of income tax due to come into effect on Tuesday.

It declared the measure, the backbone of the French leader's successful presidential election campaign earlier this year, to be unfair and therefore unconstitutional. Immediately after the surprise legal ruling on Saturday, the French government pledged to redraft and resubmit the proposal.

The so-called "supertax" rate of 75% on individual incomes over €1m a year had provoked anger and angst in recent weeks after French national hero Gérard Depardieu announced he was moving just over the border into Belgium, reportedly for tax reasons [.....]

URL:

http://www.guardian.co.uk/world/2012/dec/29/france-supertax-thrown-out-unconstitutional

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Gerard Depardieu threatened to move to Belgium--just over the border to a bit of a run-down town, I hear--and the country caved. Makes Obama's "caving" seem like small haricots verts.

by Peter Schwartz on Tue, 01/01/2013 - 8:14pm

Well no, a tax rate of 75% is pretty ridiculous. A tax rate of 39% plus capital gains rate of 15% going back to 20% is hardly confiscatory, no matter how much screaming. (Okay, combine state taxes & income tax is about 49% depending on where you live).

So caving on a ridiculous idea vs. just trying to balance the books with a small change?

by PeraclesPlease on Tue, 01/01/2013 - 8:53pm

Right.. and exactly WHERE has lamestream media been on this fiasco, since they seldom miss an opportunity to attack/make fun of France for whatever reason?

I've a feeling they were hoping we wouldn't notice that France is wayyy more socialist than the U.S. could ever dream of being, and the 75% tax rate is much higher than the wealthy class pays here-- but which they still moan and groan about as IF it is the highest in the civilized world.

What a load.

by demunchained on Tue, 01/01/2013 - 9:04pm

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