A controversial tax of 75 per cent on the highest earners in France has been approved by the nation’s top court.
A key policy of President Francois Hollande, a new ‘millionare’s tax’ will levied on companies that pay salaries of more than €1million-a-year after it was approved by France’s Constitutional Council today.
The tax was ruled ‘unconstitutional’ by the same council just last year, but it has now been given the green light after it was changed so that the tax was levied on employers rather than individuals.
It was originally designed as a 75 percent tax to be paid by high earners on the part of their incomes exceeding €1million euros.
This prompted outrage, with celebrities such as iconic actor Gerard Depardieu leaving the country in protest