Major socialist setback!
Zee time has come for Socialist president Hollande to pout. Beeeg time. It looks as eef zee French judges have deesplayed more common sense than zee chief executive, and perhaps also more sense than zee U.S. Supreme Court did in regards to Obamacare.
Let’s see where this leads. In zee meantime, eet’s time to laugh out loud. And for all so-called progressives to pout along weeth Monsieur Hollande.
French court rejects 75 percent millionaires’ tax
(Reuters) – France’s Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande’s push to make the rich contribute more to cutting the public deficit.
The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) – a flagship measure of Hollande’s election campaign – was unfair in the way it would be applied to different households.
Prime Minister Jean-Marc Ayrault said the government would redraft the upper tax rate proposal to answer the Council’s concerns and resubmit it in a new budget law, meaning Saturday’s decision could only amount to a temporary political blow.
While the tax plan was largely symbolic and would only have affected a few thousand people, it has infuriated high earners in France, prompting some such as actor Gerard Depardieu to flee abroad. The message it sent also shocked entrepreneurs and foreign investors, who accuse Hollande of being anti-business.
Read more HERE.