75% upper tax rate overturned
Paris, December 29, 2012
First Published: 23:29 IST(29/12/2012)
Last Updated: 23:30 IST(29/12/2012)
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France's Constitutional Council overturned on Saturday a 75% upper tax rate on income above 1 million euros ($1.32 million) due to be introduced in 2013 by the Socialist government.
The decision is a huge blow to President Francois Hollande who had made the 75% rate his flagship
tax measure as he sought to make the rich be seen to contribute more towards reducing budget deficit.