- The Washington Times - Sunday, December 29, 2013

A French court greenlighted on Sunday the “millionaire’s tax,” which would tax companies that pay salaries of more than 1 million euros a year.

The millionaire’s tax was originally designed as a 75 percent tax on individuals who earned more than 1 million euros, but the Constitutional Council rejected it as unconstitutional, Reuters reported.

Instead, the tax will be an exceptional 50 percent levy on the portion of wages exceeding 1 million euros paid in 2013 and 2014, Reuters said.

The rate on businesses will still remain roughly 75 percent, but will be capped at 5 percent of the company’s turnover.

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide