France’s tax on rich off the table

French President François Hollande is backing away from his election promise to impose a hefty tax on the rich, reports the Financial Times.

During his 2012 presidential campaign he said he would levy a 75% tax on those making more than €1 million a year.

Read: France’s competition watchdog raids Apple’s offices

But in an interview this week, he said even France’s existing tax rate is “too much.”

Read: France won’t be Eurozone victim

In August, Finance Minister Pierre Moscovici signalled the government had heard citizens’ complaints about taxation. Now, Hollande says his government will take a “tax pause.”

Read more here.

Also read: France promises businesses $25-billion tax break

Staff

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