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France's President Francois Hollande gestures as he arrives to deliver his New Year's speech at the Elysee Palace in Paris, December 31, 2012.

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French government retools 75% income tax proposal

The derailment of President Francois Hollande's 75 percent millionaires' tax presents a chance to water down a scheme which hurt France's image with investors but the Socialist leader is unlikely to give up without a fight.

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