France’s Socialist President Defends his 75% Tax Rate

Photo credit: DonkeyHotey

Francois Hollande last night tried to justify his plans for multi-billion-pound tax rises to an increasingly disillusioned France.

The Socialist president, whose popularity has slumped, appeared on live television to convince the public his policies could help turn the country’s economy around.

During the 25-minute appearance, he unveiled plans for tax increases of ‘between 15 to 20 billion euros’ (£12billion to £16billion), targeting wealthy households, savings and firms.

The money raised will be used for public services, including thousands of new civil servant jobs.

He confirmed that ‘all earnings over one million euros will be taxed at 75 per cent’, adding: ‘It’s symbolic, it will show an example.’

Read more from this story HERE.