HOLLANDE PROPOSES 75 PERCENT TAX

French President Francois Hollande pressed his country to accept reduced pension and welfare benefits, among other economic measures, as part of a national effort to revive a moribund economy and stem a rise in unemployment that has caused his popularity to slump. In a national television interview last night, Hollande also promised to enforce a rule in which companies that pay their employees more than 1 million euros ($1.3 million) will be required pay 75 percent payroll taxes on those salaries. The changes to jobless benefits and a proposed cut in payouts to families would be unprecedented in France, the region's third-largest economy, while a plan to lengthen the number of work years would extend moves begun by Hollande's predecessor, Nicolas Sarkozy. [Bloomberg, TIME]