World

A Win for the 1% In Europe

1 | FRANCE

The decision by France's Constitutional Council on Dec. 29 to strike down a pending 75% income tax on the wealthy was based on a technicality. But the ruling still represents a blow against Socialist President François Hollande's pledge to champion social justice in battling the nation's lingering economic slump and fiscal crisis. Raising taxes--rather than slashing social spending as has been done elsewhere in Europe--has been central to Hollande's approach since he took office in May.

The council overturned legislation that increased the marginal tax rate on incomes over $1.3 million...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!