A Win for the 1% In Europe


The decision by France's Constitutional Council on Dec. 29 to strike down a pending 75% income tax on the wealthy was based on a technicality. But the ruling still represents a blow against Socialist President François Hollande's pledge to champion social justice in battling the nation's lingering economic slump and fiscal crisis. Raising taxes--rather than slashing social spending as has been done elsewhere in Europe--has been central to Hollande's approach since he took office in May.

The council overturned legislation that increased the marginal tax rate on incomes over $1.3 million...

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