Tax the rich at 75%? At least!
François Hollande, candidate of the Socialist Party in the French presidential election coming up on 22 April and 6 May, has called for 75% tax on incomes above a million euros. Supporters of incumbent president Nicolas Sarkozy have expressed outrage and muttered about “confiscation”, but polls show 61% of voters backing the policy and only 29% against. At present the highest marginal income-tax rate in France is 41% (on pay above 70,830 euros: similar to the 40% highest rate in Britain, on pay above £34,371, before the 50% band for pay above £150,000 was introduced in April 2010). In fact...