French millionaire tax gets constitutional go-ahead

France's Constitutional Council has given the green light on Sunday to a “millionaire's tax”, to be levied on companies that pay salaries of more than €1mil (US$1.38mil) a year, in line with a pledge by President Francois Hollande to make the rich do more to pull France out of crisis - EPA Photo.

PARIS: France's Constitutional Council gave the green light on Sunday to a “millionaire's tax”, to be levied on companies that pay salaries of more than €1mil (US$1.38mil) a year.

The measure, introduced in line with a pledge by President Francois Hollande to make the rich do more to pull France out of crisis, has infuriated business leaders and soccer clubs, which at one point threatened to go on strike.