France Council Blocks 75% Tax on Millionaires

French President Francois Hollande's controversial plan to levy a 75% tax on income above 1 million euro ($1.3 million) has been rejected by a constitutional council, reports Reuters. The tax had been set to go into effect in 2013, despite the protests of many the nation's high earners, most notably actor Gerard Depardieu. The government plans to rework the measure and resubmit it.

Hollande stands a chance of success because the council's objection seemed narrow: It says the law as written could be applied unfairly. For example, a couple who made just under 1 million euro each would escape the rate. But another couple, with one earner above the threshold and the other below it, would not. The planned tax rate wouldn't affect many people and is "largely symbolic," reports the Telegraph. But Depardieu and others are threatening to leave for good if it becomes law. (More France stories.)