French Court Drops 75% 'Super Tax' on Millionaires

France is dropping the so-called super tax on millionaires.
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France is dropping the so-called super tax on millionaires. A French court has rejected the tax which was championed by French president Francois Hollande. The tax would have forced millionaires to pay tax rates of up to 75%. The tax of 75% on income earned above one million euros was promoted in 2012 by the newly-elected socialist Hollande. But the government was never able to fully implement the measure. It was overturned by France's highest court and rewritten as a 50% tax paid by employers. Ultimately, while the super tax affected only a small number of taxpayers, it triggered huge protests.