20 Oct 2012

75% tax rate confirmed

1:11 pm on 20 October 2012

The National Assembly in France has voted to tax the highest earnings in the country at a rate of 75%.

AAP reports the measure would affect earnings of more than 1 million euros per year and is supposed to last for only two years.

It would be paid by an estimated 1500 people and generate an extra 210 million euros in revenue per year for the state.

Budget Minister Jerome Cahuzac said two years was the time it should take to straighten out the public deficit.