One of the aims clearly expressed by François Hollande, among his 60 historic promises when he was the Socialist Candidate in the Presidential Election was to tax the income of "over rich earners".
When the law was drafted this became a tax on those who earned more than 1 Million Euros !
It ignored the rules of the taxable basis of a family ! It was thrown out by the Constitutional Court for this reason ! It was against a fundamental Principle of the Constitution.
Socialists are in uproar because they consider that the intended Law was thrown out because the majority of the members of this Court are "Right Wingers" ! The reality is that the law was badly drafted and contravened the Rules of the French Constitution.
Former President Sarkozy, now a lifelong member of this very Court, also had a law invalidated in 2009 !
The current problem revolves on the principle that one must respect the rights of all citizens ! The rules must specify the rate of tax but must also recognise the allowances already available.
Many "Tycoons" who want to avoid additional high taxes envisage emigrating to more favourable tax countries, not to say tax havens.
Ultimately President Hollande may have to weigh the "pros and cons" to decide how far he wants to go ! This is but one additional problem that has surfaced recently.
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