French 75% tax rate on rich ruled unconstitutional

French 75% tax rate on rich ruled unconstitutional

France’s highest constitutional authority on Saturday struck down the 75 percent tax rate on earnings over one million euros, one of the centrepieces of Socialist President Francois Hollande’s 2013 budget adopted by parliament.

The Constitutional Council also also rejected new methods for calculating the wealth tax, the council said in a statement.

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