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Mon Dec 31, 2012, 04:36 PM

France's 75% 'supertax' could be revived in Hollande's new year message

Source: The Guardian

François Hollande is expected to use his televised new year message to vow that his flagship 75% "supertax" on the mega-rich will go ahead despite being rejected by France's highest constitutional court.

Preparations for the Socialist French president's first new year address, at 8pm French time (7pm GMT) on Monday, have been tense as France faces a grim year of deepening economic gloom in 2013.

Hollande's unpopularity in the polls is at record levels, unemployment is soaring and his totemic measure – intended to make the mega-rich bow to the crisis-hit times by taxing income over €1m at 75% – was thrown out as unconstitutional by France's top court on Saturday.

The traditional (and pre-recorded) new year address, in which the president sits behind a desk and talks straight to camera amid the finery of the Élysée Palace, has become a set piece of French politics, intensely scrutinised for its ability to set the nation's mind at ease over the difficulties of the coming year.

Read more: http://www.guardian.co.uk/world/2012/dec/31/france-supertax-revived-hollande-new-year

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Response to alp227 (Original post)

Mon Dec 31, 2012, 04:55 PM

1. He actually said today he would bring this tax back in 2013, changed to be constitutional.

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Response to Mass (Reply #1)

Mon Dec 31, 2012, 05:48 PM

2. It will be interesting to see how this issue evolves

And whether he can amend the law to the court's satisfaction. If not, one would have to wonder about the court's real interests.

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Response to daleo (Reply #2)

Mon Dec 31, 2012, 11:08 PM

5. He can. I was surprised when they read the details of the law.

It is very unusual in French law to tax individuals rather than families and this is what the conseil struck down.

Now, I will look at this with a lot of interest too. But nothing announced today said he would change the substance of the law.

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Response to alp227 (Original post)

Mon Dec 31, 2012, 08:55 PM

3. French government may water down 75 percent tax after setback

(Reuters) - The derailment of President Francois Hollande's 75 percent millionaires' tax presents a chance to water down a scheme which hurt France's image with investors but the Socialist leader is unlikely to give up without a fight.

Hollande pledged to press ahead with a redrafted tax on the wealthy next year after the Constitutional Council's decision on Saturday to strike down the emblematic rate on income over 1 million euros (813 thousand pounds).

But the Socialist president, who won office in May, avoided referring specifically to the 75 percent rate which has made some of France's wealthy, including film star Gerard Depardieu, announce they will move abroad.

"We will still ask more of those who have the most," Hollande said in a televised New Year's address on Monday, without providing details of the new proposal.

http://uk.reuters.com/article/2012/12/31/uk-france-tax-idUKBRE8BU09220121231

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Response to dipsydoodle (Reply #3)

Mon Dec 31, 2012, 11:07 PM

4. Jeez. Talk about BS. Either Reuters does not know anything about France or they are making things up

This is a ceremony where the president presents its best wishes to the French people. It is not the announcement of a political program. It went through pretty much everything, from foreign policy to unemployment to taxes, ... in 1/2 hour.

If Reuters thinks that the fact he did not give any details means something, they are full of it. Or read it this way "The queen may abdicate and dissolve monarchy". Sure, she may, but no sign she will.

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