If all goes according to his plans, then French president Francois Hollande is about to sucker punch the beer-drinking constituency with a tax increase of 160%. Expected to bring in $482.6 million, the funds will go toward medical insurance and elderly care programs.

Levied on local beers and certain imported brews, the actual effect of the proposed tax equates to a 20% increase on current retail prices in bars and supermarkets. President Hollande’s plan is not welcome news to the Brewers of Europe, as both beer production and consumption in the European Union have already decreased since the economic downturn in 2008.

This new tax comes just as the high earners in the country are digesting his plan to direct a 75% tax at citizens with incomes $1+ million, and a 45% tax at 6.2 million households.

[via The Guardian]