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January 5, 2015

France has dropped its super tax on millionaires

PARIS (AP) — It was supposed to force millionaires to pay tax rates of up to 75 percent: “Cuba without the sun,” as described by a critic from the banking industry. Socialist President Francois Hollande's super tax was rejected by a court, rewritten and ultimately netted just a sliver of its projected proceeds. It ended last week and will not be renewed.

And that critic of the tax? He's now Hollande's economy minister, trying mightily to undo the damage to France's image in international business circles.


 
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