Hollande proposes 75 percent tax on rich

PARIS, Feb. 28 (UPI) -- Francois Hollande, the Socialist candidate in the race for the French presidency, said Tuesday he would impose a 75 percent tax on France's top earners.

Hollande said the tax would apply to those earning more than 1 million euros annually (about $1.4 million), saying it was "patriotism to accept to pay more tax to help the country get back on its feet."

Hollande's critics were quick to criticize the idea, saying the money would go to Switzerland or Belgium to avoid taxation.

Budget Minister Valerie Pecresse said Hollande "invents a new tax every week without ever proposing the smallest saving."

In January, Hollande said the "world of finance" was his enemy.