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October 15th, 2012

France's President Francois Hollande visits the new Department of Islamic Arts galleries at the Louvre museum in ParisFrench President Francois Hollande, Culture Minister Aurelie Filippetti and Prime Minister Ayrault have declared their opposition to a socialist lawmaker’s proposal of making art subject to the country’s wealth tax. The proposed amendment to the 2013 budget would apply to people with assets above €1.3 million. The wealth tax of 0.25% is levied in addition to income tax. For assets over €3 million, the rate would go up to 0.5%.
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