Top French court overturns 75 pct upper tax rate

PARIS Sat Dec 29, 2012 5:08am EST

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PARIS Dec 29 (Reuters) - France's Constitutional Council said on Saturday it was overturning a 75 percent upper tax rate on income above 1 million euros ($1.32 million) due to be introduced in 2013 by the seven-month-old Socialist government.

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.

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