'Excessive Wealth': French Candidate Calls for Top Tax of 75 Percent

SPIEGEL ONLINE INTERNATIONAL: If the Socialist Party's candidate wins the current presidential election in France, the country's highest earners may be faced with massive new taxes. Francois Hollande says he wants to introduce a wealth tax of 75 percent on income of over 1 million euros per year.

Francois Hollande, the Socialist Party frontrunner for the French presidency, announced a tax plan Monday that would see taxes on the wealthy rise dramatically if he is elected this spring.

Speaking on TF1 television, Hollande proposed a 75 percent tax on income over €1 million ($1.34 million), a huge jump from the current top rate of 40 percent.

"I can announce here that above €1 million (per year), the tax rate should be 75 percent, because it's not possible to have that level of income," said Hollande, who added that he did not accept "excessive wealth." » | Tuesday, February 28, 2012