France implements 75% “super-tax rate” on wealthy, business to slash deficit
What bothers me most is how much this guy in the White House sounds like he belongs in Canada or Europe and how many of his policies he’s gotten away with implementing. God forbid he gets a second term. We are toast.
To the dismay of business leaders who fear an exodus of top talent, the government confirmed a temporary 75 percent super-tax rate for earnings over one million euros and a new 45 percent band for revenues over 150,000 euros.
Together, those two measures are predicted to bring in around half a billion euros. Higher tax rates on dividends and other investments, plus cuts to existing tax breaks are seen bringing in several billion more.
Business will be hit with measures including a cut in the amount of loan interest which is tax-deductible and the cutting of an existing tax break on capital gains from certain share sales – moves worth around four billion and two billion euros each.
More via Reuters.