France's highest court on Saturday blocked President Francois Hollande's plan to tax the ultrawealthy at a 75 percent rate, saying it was unfair.

In a stinging rebuke to one of Socialist Hollande's flagship campaign promises, the constitutional council ruled Saturday that the way the highly contentious tax was designed was unconstitutional. It was intended to hit annual incomes of more than 1 million euros, or $1.3 million.

The largely symbolic measure would have only hit a tiny number of taxpayers and brought in an estimated 100 million euros to 300 million euros - an insignificant amount in the context of France's multi-billion euro deficit.

Read more: http://www.foxnews.com/world/2012/12/30/french-panel-overturns-75-percent-upper-tax-rate-saying-its-excessive/#ixzz2GZr62kVf