"Let's make the Left victorious." (jmayrault, Creative Commons)

The court had previously rejected a similar proposal, and one of President Francois Hollande's key campaign promises, for a 75 percent tax on individuals earning over one million euros a year, or the equivalent of $1. 35 million. The difference between the two amounts to an exemption from the 75 percent tax bracket who have a significant inheritance, but an income of lower than one million a year.

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Hollande said the proposal is not designed "to punish," but to keep executive pay in check at a time when workers are being asked to accept wage cuts.

Read the full story at Agence-France Press.

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