France raises taxes on wealthy, companies to narrow budget gap
The largest new levy will be a one-time surcharge on wealthy individuals’ assets to raise 2.3 billion euros. Another 898 million euros will be reaped by ending a payroll-tax holiday. Other steps include surcharges for oil and financial companies, each raising an additional 550 million euros, and a levy on dividends and stock options.
“We face an extremely difficult financial and economic situation,” Finance Minister Pierre Moscovici said at a press conference today in Paris. “The wealthiest households, the big companies, will be asked to contribute. In 2012 and 2013, the effort will be particularly large.”
Among the measures that will be in the 2013 budget will be a 75-percent tax rate for income of more than 1 million euros…
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EDITOR: Today the maximum tax is 35% with the various loop holes and deductions averaging far less. However, a half century ago (1962), the USA tax rate on the adjustesd for inflation dollar equivalent (around $1,300,000) was 91%!!! Patriotism includes paying one’s fair share of taxes.