A French court greenlighted on Sunday the “millionaire’s tax,” which would tax companies that pay salaries of more than 1 million euros a year.
The millionaire’s tax was originally designed as a 75 percent tax on individuals who earned more than 1 million euros, but the Constitutional Council rejected it as unconstitutional, Reuters reported.
Instead, the tax will be an exceptional 50 percent levy on the portion of wages exceeding 1 million euros paid in 2013 and 2014, Reuters said.
The rate on businesses will still remain roughly 75 percent, but will be capped at 5 percent of the company’s turnover.
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