French court says au revoir to 75% tax on wealthy
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And finally, France isn’t tussling over a fiscal cliff, but it’s having its own fight over taxing the rich.
The high court there has rejected President Francois Hollande’s 75 percent tax on millionaires. Hollande may re-draft a watered-down version next year, but it may be too late to appease wealthy French citizens like actor Gerard Depardieu, who’s moving to Belgium to escape French taxes.
Even Hollande’s advisers weren’t totally behind it; one of them reportedly quipped that the 75 percent tax would turn France into “Cuba without the sunshine.”
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