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France Introduces 75 Percent Corporate Salary Tax

Francesca Bessey |
December 29, 2013 | 10:02 p.m. PST

Executive Producer

"Let's make the Left victorious." (jmayrault, Creative Commons)
"Let's make the Left victorious." (jmayrault, Creative Commons)
In an effort "to limit executive pay in a time of economic hardship," France's top court approved a proposal Sunday for companies to pay a 75 percent tax on salaries over one million euros, AFP reports.

The court had previously rejected a similar proposal, and one of President Francois Hollande's key campaign promises, for a 75 percent tax on individuals earning over one million euros a year, or the equivalent of $1. 35 million. The difference between the two amounts to an exemption from the 75 percent tax bracket who have a significant inheritance, but an income of lower than one million a year.

SEE ALSO: Francois Hollande Begins Term As French President

Hollande said the proposal is not designed "to punish," but to keep executive pay in check at a time when workers are being asked to accept wage cuts.


Read the full story at Agence-France Press.

Reach Executive Producer Francesca Bessey here; follow her here.



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