By Daniel Hunter

The leading Socialist candidate in the current French election campaign, Francois Hollande, has stated that there should be a 75% income tax for top earners.

Speaking during an interview on prime time TV Hollande promised that, if elected, he would scrap certain tax breaks introduced by Nicolas Sarkozy.

"Above 1m euros [£847,000; $1.3m], the tax rate should be 75% because it's not possible to have that level of income," he said.

However, his proposal was condemned by his political opponents.

Taxation for the rich has become a hot campaign issue, with tax advisers in neighbouring Switzerland saying that higher taxes for the wealthy in France could spark an exodus, Reuters news agency reports.

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