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French court rejects 75% millionaires' tax

Posted By -NO AUTHOR- On 12/29/2012 @ 7:06 pm In Money,World | No Comments

(Yahoo!Sports) France’s Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande’s push to make the rich contribute more to cutting the public deficit.

The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) – a flagship measure of Hollande’s election campaign – was unfair in the way it would be applied to different households.

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