French Court Nixes 75 Percent Tax on Ultrarich

France's highest court threw out a plan to tax the ultrawealthy at a 75 percent rate Saturday, saying it was unfair, The Associated Press reported. The court’s decision was another setback for embattled French President Francois Hollande who made the rate his flagship campaign promise. 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 euros ($1.32 million). The court's ruling took issue not with the size of the tax, but with the way it discriminated between households depending on how incomes were distributed among its members, according to the AP. A household with two earners each making under 1 million euros would be exempt from the tax, while one with one earner making 1.2 million euros would have to pay. The largely symbolic measure would have only hit a tiny number of taxpayers and brought in an estimated 100 million to 300 million euros - an insignificant amount in the context of France's roughtly 85 billion euro deficit.

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