Hollande Pledges To Pursue Tax on France's Wealthy

The derailment of President Francois Hollande's 75 percent millionaires' tax presents a chance to water down a scheme which hurt France's image with investors but the Socialist leader is unlikely to give up without a fight.

Hollande pledged to press ahead with a redrafted tax on the wealthy next year after the Constitutional Council's decision on Saturday to strike down the emblematic rate on income over 1 million euros ($1.32 million).

But the Socialist president, who won office in May, avoided referring specifically to the 75 percent rate which has made some of France's wealthy, including film star Gerard Depardieu, announce they will move abroad.

"We will still ask more of those who have the most," Hollande said in a televised New Year's address on Monday, without providing details of the new proposal.

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