French President Francois Holland’s proposed tax on the rich touched off a media firestorm. There were headlines from the U.K. to the United States and Singapore saying the French were running for the border to avoid the 75 percent tax.

There were even comparisons between Obama and Hollande as " The Socialist Twins ."

Well, nevermind.

News reports in France today say the tax has been tweaked so that it will only effect 1,000 households. And that’s if it passes – which remains a big question.

The French newspapers Les Echos and Le Figaro both say today that the tax being considered would only be levied on income of more than 2 million euros. That’s double the original cut-off.

There may also be other changes. Rather than applying to all income, the tax may only apply to ordinary income from salaries. If investment income or capital gains is excluded, the wealthy French who make their money from investments need not worry. (Read more: Ultra-Rich Ready to Return to Stocks )

The tax also makes special provisions for athletes and artists, carves out social security taxes and ... you get the idea. Pretty soon, it’s not anything like a 75 percent tax on million-plus earners.

Pro-business folks are cheering the changes. The left is calling it treason.

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