France Drops 'Super Tax' on Rich People

Rich people in France are breathing a sigh of relief now that the country's super tax was dropped Wednesday.

Socialist President Francois Hollande proposed a tax of up to 75 percent on people earning above 1 million euros a year, equal to about $1.2 million a year in the United States. 

One critic of the super-tax said it makes France "Cuba without the sun."

Many wealthy French citizens fled the country to avoid paying the super tax, including actor Gerard Depardieu, who became a Russian citizen. 

The super tax was rejected by a court, rewritten and ultimately netted only a tiny fraction of its predicted gains.