Mr Hollande met with the club presidents and informed them of his choice to go ahead with the plans amid talks that it could spark an exodus of players. They have joined the chorus of protests from business and wealthy individuals who have recently condemned the tax and have left the country."The need to rebalance public accounts fully justifies this effort asked of companies that have made the choice of paying annual salaries at such a level," Mr Hollande said.
In response, Jean-Pierre Louvel, the head of the UCPF club union, said after the meeting that clubs would refuse to take part in match fixtures from 29 November to 2 December in protest.
If this occurs, then this will be the first football "strike" since 1972.
The proposed levy will last the rest of 2013 and 2014.
The initial proposal to tax individual incomes was ruled unconstitutional by France's top court. But the government modified it to make companies liable for the 75% tax rate for salary paid above the 1m-euro mark.
However, it still requires approval by parliament.
The Qatari-owned Paris Saint-Germain, France's richest club, has more than 10 players whose pay exceeds 1 m euros, including the Swedish striker Zlatan Ibrahimovic and the Uruguayan striker Edinson Cavani
Last season the Ligue 1 clubs registered a combined loss of 108m euros and paid around 700m in social charges and image rights, which was more than they received from the television deals.
The new tax, they say, will hit them hard, sparking an exodus of top players, to the greater detriment of the French domestic leagues.
Although this levy will not affect Monaco, the rest of the French Leagues, in particular Ligue 1, will feel the full effect of this ruthless tax, and this may unfortunately result in players of the highest calibre, including Ibrahimovic, Cavani, Lucas, and many more leaving the league which is definitely not positive for French football as a whole.
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