Tax hits rich in attempt to drag France out of the red
Tax hits rich in attempt to drag France out of the red
Angelique Chrisafis
July 6, 2012
PARIS: The new Socialist Party government in France has announced tax rises worth €7.2 billion ($8.8 billion) mainly targeting the wealthiest households and biggest corporations, as the country struggles to plug a gaping hole in its budget.
The tax increases come as a deeply indebted France battles to stick to its deficit-reduction targets and keep Brussels and the markets at bay. A grim economic assessment by state auditors this week warned of a €40 billion hole in state coffers over the next two years and the government has lowered its growth predictions.
The raid on the wealthy is in line with Francois Hollande's election promise: ''If there are sacrifices to be made - and there will be - then it will be for the wealthiest to make them.''
More than half the measures target households, mainly the country's richest, and just under half target big business. They include lowering France's wealth tax threshold, which had been raised by Nicolas Sarkozy. France's wealth tax is unique in the EU and Mr Hollande will now add a one-off higher levy on those with net wealth of more than €1.3 million.
Read more: http://www.smh.com.au/world/tax-hits-rich-in-attempt-to-drag-france-out-of-the-red-20120705-21jz8.html#ixzz1zo13wkED
____________________________________________________________________________________________
...hmmmm, interesting concepts.
= new reply since forum marked as read
