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Hollande proposes payroll tax on wealthy

March 29, 2013 at 1:40 PM   |   Comments

PARIS, March 29 (UPI) -- French President Francois Hollande said he would try a new approach to raising taxes on the wealthiest wage earners with a 75 percent payroll tax.

An earlier proposal to make the top tax rate in France 75 percent, which would apply to those earning more than $1,300,000 per year, was shot down by a judiciary council.

In a late-night television appearance, Hollande said he would take another approach to the problem.

"The Constitutional Council made a decision. I respect it. So, I'm going to take a different path," he said.

CNNMoney reported Friday that Hollande proposed a payroll tax, shifting the responsibility for payment from individuals to the companies where they work.

As France's economy remains in a slump, Hollande's popularity is waning. His first proposal stirred up emotions among those for and against the tax hike.

French actor Gerard Depardieu reacted to the proposal by becoming a Russian citizen and moving his residence to Belgium. That move stirred up emotions as well, with some angry and some sympathetic to Depardieu's decision.

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