with taxable income of between 11.800 euros and 16,418 euros and couples with no children with taxable revenue between 17,454 and 25,983 euros (23,717 euros to 35,400 euros with a child), a tax credit of 480 euros for single people (960 euros for a couple) was introduced in 2013. For 2014 revenues the tax credit was increased to 1,135 euros for single people and 1,870 euros for couples. Income tax surcharge on high salaries The contribution exceptionnelle sur les hauts revenus is a temporary tax introduced in 2012 by François Fillon as a measure to curb the budget deficit. For a single person the rate of the tax is 3% on income between 250,001 euros and 500,000 euros, for an income above 500,000 the rate is 4%. Employer payroll tax on high salaries For tax years 2013 & 2014 earnings above 1 million euros will be subject to a tax payable by the payer/employer. The tax is similar to the employer social security contributions which above 1 million euros amount to 0.22% of gross salary compared to 44% for salaries of 150,000 euros. The tax introduced by François Hollande as the 75% tax is in fact an additional employer contribution of 50% which when existing social security charges are added reaches 75%. The proposed tax was subsequently modified after being rejected by the Council of State and was implemented in 2014 in its current form and will be discontinued as of January 2015. Corporate tax The corporate tax, in French impot sur les societes (IS), is an annual tax in principle that affects all profits made in France by corporations and other entities. It concerns about one-third of French companies. The standard rate is 33.3% for all of their activities. In 2016, the net proceeds from corporation tax amounted to €29.9 bn. The taxable income is equal to the difference between gross profit and costs and deductible expenses. The gross operating profit is made by the difference between sales and costs. In addition to the gross operating profit, all income or profits made apart are normally taxable: income from the rental of property, interests, deposits and bonds. A reduced rate applies to a limited number of Long Term Capital Gains. Since 2012 a tax credit equal to 7% of total salary costs can be deducted from the gross tax due. Social taxes Since its creation in 1945, the Social Security