PARIS (Reuters) - France's Constitutional Council said on Saturday it was overturning a 75 percent upper tax rate on income above 1 million euros ($1.32 million) due to be introduced in 2013 by the seven-month-old Socialist government.

The 75 percent rate, which has infuriated high earners, was the flagship tax proposal of President Francois Hollande's campaign for the May election as he sought to make the wealthy be seen to contribute more towards reducing the public deficit. ($1 = 0.7564 euros)

(Reporting by Emile Picy; Writing by Catherine Bremer; Editing by Robin Pomeroy)