France's Constitutional Council said on Saturday, Dec 29, it was overturning a 75 percent upper tax rate on income above 1 million euros (816 thousand pounds) due to be introduced in 2013 by the seven-month-old Socialist government, Reuters reported.

The 75 percent rate, which has infuriated high earners, was the flagship tax proposal of President Francois Hollande's campaign for the May election as he sought to make the wealthy be seen to contribute more towards reducing the public deficit.