Hollande readies tax-raising French budget

President Francois Hollande will begin making good on his deficit-cutting promises today in France’s first Socialist budget in a decade.

28th September, 2012
Hollande has promised to raise taxes by €20 billion next year.

President Francois Hollande will begin making good on his deficit-cutting promises today in France’s first Socialist budget in a decade, with a blueprint weighted toward tax increases and a minimum of spending cuts.

Hollande has promised to raise taxes by €20 billion next year, including a levy of 75 percent on incomes over €1 million, as he squeezes more out of the wealthy and big companies. He aims to reduce the deficit to...

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