France's Constitutional Council overturns 75% rich tax rate

France's Constitutional Council overturns 75% rich tax rate

PanARMENIAN.Net - France's Constitutional Council said on Saturday, Dec 29, it was overturning a 75 percent upper tax rate on income above 1 million euros (816 thousand pounds) due to be introduced in 2013 by the seven-month-old Socialist government, Reuters reported.

The 75 percent rate, which has infuriated high earners, was the flagship tax proposal of President Francois Hollande's campaign for the May election as he sought to make the wealthy be seen to contribute more towards reducing the public deficit.

 Top stories
In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million).
Across a swathe of southern Turkey, people sought temporary shelter and food in freezing winter weather.
The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.
The Prosecutor’s Office has released surveillance footage and said that one of the detainees in the case, Iveri Melashvili.
Partner news
---