Top French court overturns 75 percent upper tax rate

By REUTERS
December 29, 2012 12:10

 
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PARIS - France's Constitutional Council on Saturday said it was overturning a 75 percent upper tax rate on income above 1 million euros ($1.32 million) due to be introduced in 2013 by the seven-month-old Socialist government.

The 75 percent rate, which has infuriated high earners, was the flagship tax proposal of President Francois Hollande's campaign for the May election as he sought to make the wealthy be seen to contribute more towards reducing the public deficit.

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