France to Re-Enter Recession with Millionaire's Tax

Perhaps the headline is a bit deceptive, considering that France's economy is already shrinking. Still, it seems like any anemic growth or slow shrinkage that France has endured lately will come to an end. Instead, we are looking at a full 50% tax on incomes over one million Euro.

Under its new design, which the Council found constitutional, the tax will be an exceptional 50 percent levy on the portion of wages exceeding 1 million euros paid in 2013 and 2014.

Including social contributions, its rate will effectively remain roughly 75 percent. The tax will, however, be capped at 5 percent of the company's turnover.