President François Hollande’s controversial 75 per cent marginal tax rate on high earners has finally been given the green light by France’s constitutional council, clearing the way for its imposition on salaries above €1m paid in 2013 and 2014.
The council struck down the tax a year ago in a blow to Mr Hollande, who had made it a key proposal in his successful 2012 election campaign against former president Nicolas Sarkozy.
Despite strong protests from business leaders and others that the levy symbolised an excessively high tax regime that was driving many people into exile, Mr Hollande’s socialist government reformulated the tax to make it payable by companies or organisations paying salaries above €1m.
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