Hollande’s tax plan in doubt

FRENCH President Hollande was last night reported to be considering retreating from his controversial 75 per cent marginal tax rate for those with incomes over €1m a year.

The tax, which is due to be introduced at the start of next year, was one of Hollande’s key election pledges. A decision on how it will be implemented is due in two weeks’ time for the 2013 budget. Reports last night suggested it could be cut to 67 per cent, with non-salary income would be exempt.