France to Alter Plans for Extremely High Taxes on Wealthy
Second legal opinion says 75 percent tax rate for top earners is unfair
The French government's plan to raise taxes on the wealthy is being radically scaled back after a second legal opinion said the proposed marginal rate of 75 percent was unfair.
France's highest court had already thrown out the 75-percent rate, and a high-level advisory council agreed. The Socialist government on Friday said that under the decision, the rate on those with incomes above 1 million euros ($1.3 million) could not exceed 60 percent.