By Elizabeth Pineau and Nicholas Vinocur
PARIS Dec 31 President Francois Hollande said
on Monday he would push ahead with an amended supertax on the
rich after France's top court threw out a proposed 75-percent
tax rate on those earning more than 1 million euros.
The Socialist president faced embarrassment when the
Constitutional Council ruled that the tax -- a flagship of his
presidential election campaign -- would weigh too heavily on
high-earning individuals while sparing rich married couples.
Hollande said the levy would be amended while keepinh its
objective of making the rich contribute more to deficit-cutting
But he did not specify how the proposal would change or
whether the 75-percent rate itself would be maintained.
"We will still ask more of those who have the most," he said
in a televised address. "That's the sense of the exceptional
levy on the highest incomes, which will be amended following the
Constitutional Council's decision without changing its
In his first New Year's address since winning office in May,
Hollande repeated his goal of turning around a rising trend of
unemployment by the end of 2013 while pursuing reforms to help
French firms regain competitiveness.
Yet he also warned that helping the economy to get back on
its feet would require sacrifice, warning there was no time to
slow down on reforms to address dysfunctions in pensions and
"This march forward has not been without bumps or setbacks,"
he said. "I recognise that, but I have set a calendar of reforms
now in order to come out of this crisis faster and stronger."