France to Tax Income of More than EU1 Millon at 75%

France to Tax Income of More than EU1 Millon at 75%

Zerohedge reports the details as they become available from France:
FRANCE TO HAVE NEW TAX RATE OF 45% FOR WEALTHY
FRANCE TO TAX INCOME OF MORE THAN EU1 MLN AT 75%, AYRAULT SAYS
FRANCE TO TAX CAPITAL INCOME AT SAME LEVEL AS WAGES
FRANCE TO RAISE TAXES FOR LARGE COMPANIES, BANKS, OIL FIRMS

Bottom line: France appears to want to tax every wealth creator in the country, every euro they have. Most will simply leave, or cut back on production. Given that France is only 10 euros away from its very own financial crisis, this is a mad policy being instituted by the French government.
Taxes should be cut, regulations should be eliminated, instead the French government is choosing the path to decline.