French 75% income tax struck down by constitutional council 29 December 2012 Last updated at 10:29 France's constitutional council says it is overturning an upper income tax rate of 75% introduced by Socialist President Francois Hollande. The tax rise for those earning more than 1m euros (£817,400) has been a flagship policy for Mr Hollande, who was elected in May. The policy angered France's business community and prompted some wealthy citizens to say they would emigrate. The new tax rate was due to take effect in the new year.