French court tosses 75% tax rate for rich
PARIS -- French President Francois Hollande's plan to tax the ultrawealthy at a 75 percent rate was thrown out Saturday by the country's highest court, which ruled it was unfair.
In a setback for one of Socialist Hollande's key campaign promises, the constitutional council ruled unconstitutional the way the tax was designed. It was intended to hit incomes over 1 million euro -- $1.32 million.
Prime Minister Jean-Marc Ayrault said the government would resubmit the measure to take the court's concerns into account. The court's ruling took issue with how it discriminated between one-earner and two-earner households.
The government approved the tax amid criticism that it would do little to stem the country's mounting fiscal problems and would drive away the wealthiest citizens.