Frances top court upholds Hollandes tax on high income

Written by Associated Press | Paris | Updated: Dec 30 2013, 08:33am hrs
French President Francois Hollande has finally got his super tax on high incomes after the cou-ntry's highest court upheld the law's latest version.

Hollande originally promised a 75% tax on income over 1 million euros ($1.38 million). It would have affected a tiny number of taxpayers, but it became a symbol of Hollande's campaign promise to make France fairer for the middle class.

But the constitutional council threw out that tax as unfair. Hollande's administration rewrote the tax in the 2014 budget. It is now a 50% tax paid by the employer, and doesn't reduce employees' earnings. The council ruled on Sunday that tax was constitutional. It declared a change to the wealth tax that would have taxed latent revenue unconstitutional.