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What I translate by "tax ceiling" is literally in French "tax shield". It means that a citizen cannot be taxed (all direct taxation included) above 60% of her/is income for a given year. A level that could be reached by local taxes + income tax + wealth tax.

This "ceiling", recently introduced (2006), tends to negate the wealth tax on the wealthiest. People of very high net worth are generally in a position to approximately fix their taxable income level, knowing they will pay 60% of that in tax - they thus set their tax contribution themselves, and avoid most of the wealth tax they'd be liable for. It's widely seen as a tax break for the very rich.

Sarkozy intends to bring the ceiling down to 50% of income. Royal says she will abrogate the whole measure.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Mar 30th, 2007 at 03:49:25 PM EST
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