French constitutional council overturns 75% upper tax rate

Saturday 29 December 2012 22.38
The tax which was overturned by France's Constitutional Council was to be introduced in 2013
The tax which was overturned by France's Constitutional Council was to be introduced in 2013

France's Constitutional Council has said it was overturning a 75% upper tax rate on income above €1m.

It was due to be introduced in 2013 by the seven-month-old Socialist government.

The 75% rate, which has infuriated high earners, was the flagship tax proposal of President Francois Hollande's campaign for the May election.

President Hollande sought to make the wealthy be seen to contribute more towards reducing the public deficit.