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    France approves Francois Hollande's 75% 'millionaires tax'

    Constitutional council says super tax on salaries above €1 million is legal

    France's constitutional council has given President Francois Hollande the green light to introduce a 75 per cent tax rate taking aim at the super rich.

    Under the new plan, which the French council found constitutional, companies will have to pay 50 per cent tax on all salaries exceeding one million euros, or the equivalent of approximately £833, 000.

    Including social contributions, the rate will effectively stand at 75 per cent, although the total amount will be capped at 5 per cent of a company's turnover.

    The levy is set to affect income earned this year and in 2014.

    The 'millionaire tax' could affect more than 450 companies and several football clubs, and could raise more than 200 million euros on an annual basis.

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