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Saturday, December 29, 2012

French Court Nixes Socialist President's 75% Tax Rate: Unfair, Unconstitutional

By Rick Pearcey • December 29, 2012, 11:14 AM

Becket Adams reports at The Blaze:

Embattled French President Francois Hollande suffered a fresh setback Saturday when France’s highest court threw out a plan to tax the ultrawealthy at a 75 percent rate, saying it was unfair.

In a stinging rebuke to one of Socialist Hollande’s flagship campaign promises, the constitutional council ruled Saturday that the way the highly contentious tax was designed was unconstitutional. It was intended to hit incomes over €1 million ($1.32 million).