France says coming tax hikes on the wealthy to be 'temporary' / Photo: Ludovic MARIN - AFP
-
Vessel operator seeks witnesses after Vancouver grounding
-
Bezos grant helps Seattle nonprofit move thousands of families toward housing
-
Shrini Srivastava joins crew of Varanasi-Delhi Vande Bharat Sleeper service
-
US stocks fall before midterm Election Day as technology shares weaken
-
Nearly Half of Australian Workers Overqualified, Survey Finds
-
BLS Polymers makes strong market debut at ₹248 per share
-
RBI eases export-declaration compliance for individual service exporters
-
Petrol and diesel prices remain broadly steady across major Indian cities
-
Reliance shares remain in focus after near-12% surge
-
Derek Tierney Outlines Ten-Year Strategy for National Digital Health System
-
Coal India prepares possible $1 billion Mahanadi Coalfields listing
-
BLS Polymers shares open 65.3% above IPO price
-
Capital-markets shares rally as Motilal Oswal and Angel One lead gains
-
ITC shares rise as analysts anticipate gradual cigarette-business recovery
-
Reliance rally puts historical one-year return pattern in focus
-
The Digital Burden: Why Instant Messaging Feels Like a Full-Time Job
-
Saudi Aramco quarterly profit climbs 34.6% amid elevated oil prices
-
Korea’s Labor Share of GDP Hits Record Low Amid Semiconductor Boom
-
Australia raises benchmark rate to highest level in 18 years
-
littlefish and Halo Dot Partner to Replace Payment Terminals with SoftPOS
-
Asian stocks retreat as AI worries outweigh steep oil-price drop
-
Egypt Accelerates Construction of 341km Sinai Railway Linking Arish and Taba
-
Hamad International Airport stages emergency drills during WATAN 2026
-
Web Summit Qatar 2026 generated QR1 billion economic impact, report says
-
Qatar solar expansion opens scope for technical performance gains
-
OMP Extends UnisonIQ with Agent Library and Agent Studio: AI Agents that Produce Executable Supply Chain Plans
France says coming tax hikes on the wealthy to be 'temporary'
France's finance minister promised on Wednesday that the tax hikes the government says are required to bring the country's finances back on track will be targeted at high-income groups and limited in time.
A day after Prime Minister Michel Barnier pledged to tackle France's "colossal" debt through spending cuts and new taxes, Antoine Armand told the RTL broadcaster that low- and middle-earners would be spared from the extra fiscal burden.
France is looking to improve its financial situation by some 40 billion euros ($44 billion) next year in the hope of bringing the public sector deficit to five percent of gross domestic product (GDP) from an estimated more than six percent this year.
Two thirds of that sum are to come from spending cuts, and the rest from new taxes.
"Once we have managed to cut spending significantly, an exceptional and temporary effort will be required from those with extremely high incomes," Armand said.
Income tax brackets for "those who go to work every day" would not change, he promised.
"Large and very large companies" will also be asked to pay higher taxes, Armand said, but ruled out such an extra burden "lasting for several years".
During his first major policy speech to parliament Tuesday, Barnier said the government was now aiming to reach the European Union's deficit limit of three percent of GDP in 2029, two years later than previously planned.
He called France's debts of over 3.2 trillion euros -- more than 110 percent of GDP -- "the true sword of Damocles... hanging over the head of France and of every French person".
The government is to submit its 2025 budget plan to parliament next week.
A.Leibowitz--CPN