With a top French court having thrown out a proposed supertax on the rich, the Paris government is looking at how it can be changed.
The law has to be redrafted in response to the Constitutional Council’s ruling that a 75 percent tax rate for those earning more than one million euros per year was unfair.
The Council said that it would weigh too heavily on high-earning individuals while sparing wealthy couples.
Reportedly an amended tax will be introduced “at the latest” in next year’s budget.
President Francois Hollande’s Socialist government had touted the supertax as a way of making the wealthy contribute more to shoring up public finances. Critics said it would be counterproductive, bringing in relatively little money while driving away investors.
In a statement, Finance Minister Pierre Moscovici said the rejection of the wealth tax would cost the government 210 million euros in lost revenue in 2013.