French left risks breaking EU, domestic laws with 90% rich tax plan
The New Popular Front that emerged victorious in France’s second round of voting last week, largely due to promises to cut low-earners tax, retirement age and raise the minimum wage, risks breaching EU law to achieve their aims.
They claim to be able to finance their lavish spending by taxing those earning over $432,000 at 90%, which Paris think-tank adviser Sebastien Maillard says may be unconstitutional.
The NFP plans also include blocking prices that would violate the EU Sustainability and Growth Pact aimed at preventing governments from amassing excessive debt by keeping the deficit at 5% - well above the pact’s 3% limit.
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