share the wealth

France OKs 75% Tax on Rich

Sean Gallup

Sacrebleu! The top French court has ruled that companies must shell out a 75 percent tax on salaries that exceed one million euros. In alignment with his campaign promises, President Francois Hollande has sought soften the country's economic struggles by limiting executive pay, in the hopes of lowering public deficit from 4.1 percent of the GDP to 3.6 percent. An earlier attempt at the tax had been thrown out, but this approved version focuses on making companies pay.