Thursday, October 4, 2012
The Socialist President of France would like to impose a heavy tax on the wealthiest citizens of France. The purpose of the tax is reduce the deficit and the amount of debt that France currently owns. According to NBC News, "the public debt [is] at a post-war record of 91 percent of the economy." France is now concerned with trying to retain its credibility among European nations. There is opposition to this plan in France as well. Many business leaders feel that the large tax increase will likely harm the country because it might force the most talented people in France to leave. The tax itself will impose a 75% tax on those who make more than 1 million euros a year and a 45% tax on those who make more than 150,000 euros.
See Daniel Flynn and Leigh Thomas, France Wants to Slap Rich With 75 Percent 'Super Tax' , Economy Watch: NBC News, Sept. 29, 2012.
Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.