French President Proposes 75% Tax

The President of France is taking another shot at launching a 75% tax rate for some wage-earners.

FOX News Radio’s Simon Owen reports from our European bureau:

Francois Hollande promised to begin taxing high earners at 75% when he was elected as French President last year, but the idea was blocked by a court.  Now, Hollande is trying again, this time targeting companies.

Under a new proposal, if a business pays an employee more than $1.3 million a year, the firm will have to pay 75% payroll taxes.  Hollande says he’s just trying to make sure the rich contribute to efforts to kick-start the French economy.  Critics say the idea is a stunt.

The President’s approval ratings have been in free-fall recently, currently hovering around 25%.

In London, Simon Owen, FOX News Radio.