“The eye-catching and eye-watering 75% payroll tax rate in France was quietly killed off by the government Thursday after failing to raise significant revenue. The tax was also accused of driving high earners away from France.”
“The tax raised only €420 million ($505.8 million) in 2013 and 2014 combined, less than 0.5% of France’s budget deficit.”
President Francois Hollande, who made the 75% rate a key plank of his election in 2012, .. brought in Emmanuel Macron, a former Rothschild investment banker, as economy minister.”
“He replaced socialist firebrand Arnaud Montebourg”
“France’s jobless rate climbed back to 10.4% in the latest figures, wiping out a year’s worth of modest progress in reducing the number.”
Hmmm … socialists …
France Just Quietly Killed Its Failed 75% Supertax
The tax was a big election promise from President Francois Hollande.