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Controversy over 'rich tax' in France

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  • Description

    Will increase help country's economy?

  • Duration 2:16
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Three.

If you think taxes here are high.

Wait until you see this next story from senior foreign affairs correspondent Amy Kellogg she tells us the French making a lot of money.

Are going to owe a lot more of it to the government.

The French will soon be taxed at a rate of 75%.

On income over one million euros or just over one and a quarter million dollars many economists say the rich tax won't do much to boost depressed state coffers.

Because only 3000 of -- 66 million citizens make over a million.

To frankly the move is just symbolic in fact it was the campaign promise many believe won the election for president Francois Hollande who has said he doesn't like the rich.

Does -- to this auto workers says he thinks the rich should pay for every one now because they are the ones who caused the crisis he says not us.

It's -- today -- EU.

If you have money you didn't pay -- We could not however convince anyone from the Socialist Party to discuss the new tax with us possibly because opposition lawmakers say.

The tax has sent a signal to the rich and the aspiration -- if she wants to succeed if you want to be an interest.

-- if you want to work very hard.

Then go away.

At the height of the controversy surrounding the new super attacks he -- that France's wealthiest man the founder of the luxury goods empire that includes -- -- all.

Has applied for Belgian citizenship.

Bernard Arnault denies that this -- tax dodge but.

-- has prompted comments such as century.

Now he's -- -- -- advises the wealthy on tax matters he calls the new tax the end of democracy.

It's an insult and the consider that they are good taxpayer here they don't taxpayer they have -- -- businesses.

Here are working harder.

The context is difficult.

And did the I'm not.

The -- of the crisis French tax code is extremely complex the rich already pay at least 50% of their salary in various levees.

Pretty much every once tax in France is about to go up.

But those hit with the biggest increase are asking why the government can't simply spend less rather than taxing its citizens more.

In parents Amy Kellogg.

Fox News.

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