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  1. Wealth
May 20, 2013

Times: Some French households pay more than 100% tax

By Spear's

The revelation, in the financial daily Les Echos, will fuel claims that President Hollande has stifled the economy through his soak-the-rich agenda

Thousands of French households have been hit by a tax bill that exceeded their total income last year.

The revelation, in the financial daily Les Echos, will fuel claims that President Hollande has stifled the economy through his soak-the-rich agenda.

The newspaper reported that 8,010 families paid more in taxes than they received in income because of his decision to ratchet up the French levy on wealth. A further 9,910 paid 85 per cent of their income in taxes and 11,960 paid 75 per cent. The losers were households with substantial assets but small incomes, such as owners of stately homes — or potato farmers on the Ile de Ré, the Atlantic coast island where the value of land has escalated but agricultural incomes have stagnated.

Read the full story at The Times (£)

Read more on tax from Spear’s

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