The constitutional court of France approved Socialist President Francoise Hollande's proposal.
“The companies that pay out remuneration above 1 million euros will, as expected, be called upon for an effort of solidarity on remuneration paid in 2013 and 2014,” the Economy Ministry said in an e-mailed statement.
Hollande, who once said he “didn’t like” the rich, announced the 75 percent tax in February 2012 as part of his presidential campaign to appeal to his Socialist base. It has become a symbol of his government’s record-high taxation rate. [snip] The total amount is limited to 5 percent of a company’s revenue.
Hollande tried last year but failed because individuals rather than households were to be taxed.
It appears the current incarnation (taxing companies) went to the courts because it was opposed by a bunch of MPs and senators.
I wonder if there will be a mass exodus of the wealthy from France.