Observers said the timing of the announcement appeared to be a damage limitation exercise amid reports that France’s Council of State is to bury Socialist president François Hollande’s controversial pledge to slap a 75 per cent tax on millionaire earners.
The Council will, according to Le Figaro newspaper, conclude that any figure above 66.6 per cent of earnings per household would be confiscatory. The Constitutional Council in January had already ruled that the 75 per cent mark was unfair.
66% eh? And that\’s a marginal rate.
45% income tax, what is it, 1 or 2% NI plus 13.8% employers\’ NI? We\’re damn close there: and in the £100k or so bracket, above it as the personal allowance gets withdrawn. Any tax rise from here would be \”unfair\” therefore, yes?