Hi 11° | Lo -15°

75 Percent Tax On French Rich Overturned

Paris — France’s planned new tax on the rich was ruled void yesterday by a 12-member panel that is the country’s highest authority on constitutional issues.

The Constitutional Council in Paris handed down a decision declaring that parts of the 2013 finance bill passed by the French parliament amounted to unconstitutional taxation. The government of President Francois Hollande immediately said it would introduce amendments.

Hollande came to power this year promising to increase taxes on the wealthy. Under the bill, income above 1 million euros ($1.32 million) annually was to be taxed at 75 percent.

Movie actor Gerard Depardieu is among outraged millionaires who have adopted tax domiciles in Belgium to avoid such high taxes.

The Constitutional Council comprises former presidents and other senior public figures.