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French President Francois Hollande hits businesses with 75 percent tax

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A court may have shot down French President Francois Hollande's attempt to stick the wealthy with a 75 percent tax on earnings above a certain amount. But he's not giving up. Mr. Hollande's new plan: Stick the 75 percent tax on businesses.

Companies — not individuals — would have to pay the high tax on any salaries that are paid over a million euros, under Mr. Hollande's latest proposal, Newsmax reports.

"I am sticking by my pledge," Mr. Holland said, as quoted in Newsmax.

The Socialist leader is trying to reignite a sluggish economy — as he promised during his campaign — but is facing dwindling poll numbers and approval ratings. His recent attempt to tax wealthy at a 75 percent rate was denied in a constitutional court.

He said now his "first objective is to reverse the unemployment rate," as quoted in Newsmax.

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