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France’s constitutional council has struck down a top income tax rate of 75% introduced by Socialist President Francois Hollande
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[quote:Sharty Mc Bean:MV8yMDk3Mjg4XzM1MzIyNjU0XzVGOEY1MjI2] Following World War II tax increases, top marginal individual tax rates stayed near or above 90%, and the effective tax rate at 70% for the highest incomes (few paid the top rate), until 1964 when the top marginal tax rate was lowered to 70%. Kennedy explicitly called for a top rate of 65 percent, but added that it should be set at 70 percent if certain deductions weren't phased out at the top of the income scale.[21][22][23]The top marginal tax rate was lowered to 50% in 1982 and eventually to 28% in 1988. It slowly increased to 39.6% in 2000, then was reduced to 35% for the period 2003 through 2012.[20] Corporate tax rates were lowered from 48% to 46% in 1981 (PL 97-34), then to 34% in 1986 (PL 99-514), and increased to 35% in 1993. [/quote]
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Raising taxes for those earning more than 1 million euros has been a flagship policy for Francois Hollande. [
link to www.bellenews.com
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