France to alter plans to raise taxes on ultra-rich
Posted:
Updated:
PARIS (AP) — The French government's plan to raise taxes on the wealthy is being radically scaled back after a second legal opinion said the proposed marginal rate of 75 percent was unfair.
France's highest court had already thrown out the 75-percent rate, and a high-level advisory council agreed. The Socialist government on Friday said that under the decision, the rate on those with incomes above 1 million euros ($1.3 million) could not exceed 60 percent.
French President Francois Hollande campaigned on a promise to impose the tax, despite criticism that it would do little to solve growing fiscal problems and would drive away the wealthiest citizens. The current top tax rate is 45 percent.
The government says it will introduce a new measure in response to the decision.
Saturday, May 18 2013 8:06 AM EDT2013-05-18 12:06:18 GMT
Two Metro-North trains collided around 6 p.m. in Fairfield, Conn., in between the Fairfield and Bridgeport stations. At least 60 people have been hurt, the governor said.
Two Metro-North trains collided around 6 p.m. in Fairfield, Conn., in between the Fairfield and Bridgeport stations. At least 60 people have been hurt, the governor said.
Saturday, May 18 2013 7:49 AM EDT2013-05-18 11:49:20 GMT
An airline official says a US Airways flight with 34 people aboard was forced to make a belly landing at Newark International Airport after experiencing landing gear trouble. No injuries were reported.
An airline official says a US Airways flight with 34 people aboard was forced to make a belly landing at Newark International Airport after experiencing landing gear trouble. No injuries were reported.
Friday, May 17 2013 9:12 PM EDT2013-05-18 01:12:56 GMT
A welcome sight in Coney Island: workers cleaning umbrellas, wiping down counters, and putting the finishing touches on a rebuilt Original Nathan's Famous.
A welcome sight in Coney Island: workers cleaning umbrellas, wiping down counters, and putting the finishing touches on a rebuilt Original Nathan's Famous.
Friday, May 17 2013 8:53 PM EDT2013-05-18 00:53:52 GMT
The New Jersey Sports and Exposition Authority has approved the master plan for the American Dream megamall in the Meadowlands sports complex. The approval at Friday's special board meeting means the
The New Jersey Sports and Exposition Authority has approved the master plan for the American Dream megamall in the Meadowlands sports complex. The approval at Friday's special board meeting means the
Friday, May 17 2013 8:28 PM EDT2013-05-18 00:28:27 GMT
Democratic Assemblyman Vito Lopez, who represents New York City, said he will resign June 20 amid a sexual harassment scandal and run for a City Council seat.
Democratic Assemblyman Vito Lopez, who represents New York City, said he will resign June 20 amid a sexual harassment scandal and run for a City Council seat.
Friday, May 17 2013 5:54 PM EDT2013-05-17 21:54:45 GMT
The big game will be played in New Jersey but the big party will be in New York City. Organizers call it "Super Bowl Boulevard."
The big game will be played in New Jersey but the big party will be in New York City. Organizers call it "Super Bowl Boulevard": it will stretch from 44th Street on Broadway all the way to 34th Street.
Friday, May 17 2013 5:03 PM EDT2013-05-17 21:03:04 GMT
A 21-year-old Hofstra University student was shot and killed during an apparent home-invasion robbery in Uniondale, Long Island. The suspect also died in the incident.
A 21-year-old Hofstra University student was shot and killed during an apparent home-invasion robbery in Uniondale, Long Island. The suspect also died in the incident.
Friday, May 17 2013 4:17 PM EDT2013-05-17 20:17:46 GMT
A Humvee carrying six Navy SEALs and two other sailors overturned during a training exercise at Fort Knox in Kentucky, killing one of the SEALs and injuring the others, military officials said Friday.
A Humvee carrying six Navy SEALs and two other sailors overturned during a training exercise at Fort Knox in Kentucky, killing one of the SEALs and injuring the others, military officials said Friday.
