Former French President Sarkozy was defeated in the last election by President François Hollande (pictured at right).
One of the first things Socialist Hollande wanted to do was to raise taxes on the rich. As with any liberal leader Hollande was determined to raise taxes on the rich to finance his ambitious spending plans.
France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit. A deficit which will grow much faster with a Socialist at the helm.
Embattled French President Francois Hollande suffered a fresh setback Saturday when France's highest court threw out a plan to tax the ultrawealthy at a 75 percent rate, saying it was unfair and unconstitutional.
After Hollande’s stinging rebuke, will the embattled President try to cut back spending or will he allow France to drown in debt?
This photo shows French actor, film maker and businessman Gérard Depardieu applauding the decision of France's Constitutional Council.