French President Francois Hollande has declared that companies would have to pay a 75% ‘wealth’ tax on salaries over a million euros.
This decision has been taken after Hollande’s plan for a "super-tax" on individuals was knocked down by the constitutional court.
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The shifting of the millionaires’ tax onto companies would be a way of getting the wealthiest in France to contribute to ending the crisis. Hollande said that he is sticking to his pledge.
Hollande acknowledged he had failed to anticipate the crisis dragging on for so long, but all the tools were being put in place to restore growth and bring down unemployment.
He said: "My first objective is to reverse the unemployment rate. This is not a wish, nor is it a forecast. It’s a commitment and a battle. I am the chief of this battle."
Hollande’s ratings have slid faster than those of any other French president as he has irked left-wingers with pro-market measures to foster growth, angered business leaders with high taxes and failed to stem the rise in unemployment.
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By GlobalData
