France Scraps 75% Tax Rate

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Guardian said:

France's constitutional council has dealt a blow to beleaguered Socialist president François Hollande by rejecting the new 75% rate of income tax due to come into effect on Tuesday.

It declared the measure, the backbone of the French leader's successful presidential election campaign earlier this year, to be unfair and therefore unconstitutional. Immediately after the surprise legal ruling on Saturday, the French government pledged to redraft and resubmit the proposal.

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Common sense rejection of a measure that can only have substantially reduced the overall tax take. It would have been fun to watch the consequences though!