© 2024 Blaze Media LLC. All rights reserved.
France's Socialist government wants to raise $9 billion in new revenue from higher taxes.
PARIS (AP/The Blaze) -- France's Socialist government wants to raise €7.2 billion ($9 billion) in new revenue from higher taxes on estates, banks, and oil companies to try to reduce the deficit.
(Related: French Prez Candidate Doubles Down on Proposed 75 Percent Income Tax on Wealthy: ‘Patriotic’)
The measures are among those in a revised 2012 budget draft presented at a Cabinet meeting Wednesday. It will go to parliament later this month, where it is expected to win approval.
Socialist French President François Hollande (Photo AFP/Jeff Pachoud)
France's new leadership has criticized austerity measures imposed around Europe, saying they are making the region's debt crisis worse. It has focused on higher taxes for the "well-off," though some spending cuts are also expected.
Prime Minister Jean-Marc Ayrault, speaking at a Fourth of July event at the U.S. Embassy, warned that Europe's debt crisis "has not been extinguished" and that it's not a "problem of the Europeans alone."
The Associated Press contributed to this report.
Want to leave a tip?
We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?
more stories
Sign up for the Blaze newsletter
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.
© 2024 Blaze Media LLC. All rights reserved.
Get the stories that matter most delivered directly to your inbox.
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.