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It Begins: France's Socialist Gov't Goes After the 'Well-Off

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."

(Related: See Will Smith‘s Shocked Reaction to France’s Proposed 75% Tax Rate…After Just Advocating for Higher Taxes in U.S.)

The Associated Press contributed to this report.

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