France's 75% tax rate on rich struck down
- Published: 29 Dec 2012 at 17.46
- Online news: World
France's top constitutional body on Saturday struck down a 75-percent upper income tax rate, dealing a major blow to Socialist President Francois Hollande, who had made it his centrepiece tax measure.
The government vowed to push ahead with the tax rate, which would apply to incomes over a million euros ($1.3 million) a year, and propose a new measure that would conform with the constitution.
The tax rate had angered business leaders and prompted some wealthy French citizens to seek tax exile abroad, including actor Gerard Depardieu who recently took up residency in Belgium.
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