LONDON - France unveils toughest budget in 30 years. Frances socialist government unveiled its harshest budget in 30 years on Friday, piling 20bn in new taxes mainly on big business and the wealthy as it stuck to its promise to hit its ambitious budget deficit target next year despite faltering growth. The measures included the controversial 75 per cent marginal tax rate on earned income above 1m a year, put in place for two years.
But, as promised by President Franįois Hollande, they largely spared the country the kinds of hefty cuts in public spending, pensions and salaries imposed in other eurozone countries struggling to contain their sovereign debt...
Financial Times
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