French socialist's wealth tax 'more show than dough'


Media reports suggest the new French government's proposed 75% tax on the super-rich is to tweaked to affect only some 1,000 mega-rich.

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French President François Holland’s proposed 75% tax on the rich is reportedly to be changed to affect only those earning more than 2 million euros per year, proving wealth taxes are more politics than economic reality these days and that when it comes to taxing the rich, the more things change, the more they stay the same, writes CNBC's Robert Frank.