Sunday, May 19, 2013

Millionaires in France 'paid more than 100% of their annual income in tax'

Taxes on the rich imposed by Socialist president Francois Hollande meant more than 8,000 French households had tax bills that exceeded their income last year.

It is thought the exceptionally high level of taxation was due to a one-off levy last year on the previous year's incomes for households with assets of more than 1.3million euros (£1.1million).

It comes after Mr Hollande implemented a temporary 75 per cent tax on earnings over 1million euros (£845,000), aimed at offsetting the cost of a rebate scheme imposed by his right-wing predecessor Nicolas Sarkozy, which capped overall taxation at 50 per cent of personal total income.