75% upper tax rate overturned

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.

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.

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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.