France is set to impose a “millionaire tax” on companies that pay salaries in excess of 1 million euros ($1.38 million) a year. Business leaders and soccer clubs are furious.

The tax was originally designed as a 75 percent levy to be paid by high earners on all income exceeding 1 million euros. The country’s Constitutional Council rejected it however, calling it unfair. France’s top administrative court later ruled that 66 percent was the legal maximum for individuals.

The Huffington Post reports:

The Socialist government has since reworked the tax to levy it on companies instead, raising the ire of entrepreneurs.

Under its new design, which the council found constitutional, the tax will be a 50 percent levy on the portion of wages above 1 million euros in 2013 and 2014.

The tax is expected to affect about 470 million companies and a dozen soccer clubs while raising approximately 210 million euros ($290 million) a year.

French President Francois Hollande has said the wealthy should contribute to the repair of the country’s finances in a manner that is proportionate to their earnings. Blustery rich people expressed outrage over his 2012 announcement of a “supertax,” with actor Gerard Depardieu fleeing the country and others denouncing the government as “anti-business.” One can imagine members of the populace calling the wealthy tax resisters “anti-public.”

— Posted by Alexander Reed Kelly.

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#financial crisis#france#françois hollande#rich#wealth