France to Alter Plans for Extremely High Taxes on Wealthy

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.

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