French President Francois Hollande’s scheme to impose a 75% tax on the country’s millionaires has hit a temporary snag.
A French court has ruled the tax illegal because it is being directed to individuals rather than households (which is how French income tax is levied).
However, this will not deter the Socialists. French Prime Minister Jean-Marc Ayrault has indicated that a 75% income tax on households will soon be introduced.
Well, all this means is there will be a lot more families following in Gerard Depardieu’s leaving footsteps to Belgium. Meanwhile, the French economy will remain stagnant and their deficit will continue to balloon.