François Hollande, the Socialist challenger for the French presidency, has proposed imposing a tax rate of 75 per cent on incomes above 1m a year, saying the level of executive pay at top companies was unacceptable
In a move that appeared to catch some in his own party by surprise, Mr Hollande went on the offensive against top earners during a television programme on Monday night in which he was questioned on his policies by journalists and members of the public.
“I’ve seen the considerable increases in the remuneration of the leaders of the CAC40 [stock market index], to €2m [a year] on average. How can one accept that?” he said.
“I’ve considered it and I am announcing here that above €1m [a year] the tax rate should be 75 per cent, because it is not possible to have this level of remuneration,” he declared.
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