Tags: France | Budget | tax | business

France Passes Budget That Taxes Business More

Tuesday, 31 July 2012 01:31 PM EDT

France's parliament has passed a budget amendment that raises a slew of new taxes on businesses and the wealthy while barely cutting spending.

The final version of the law was agreed Tuesday by both houses of the legislature, the National Assembly and the Senate.

The law revises the 2012 budget after economic growth fell short of projections, and sets the tone for President Francois Hollande's Socialist administration. It rolls back several measures the previous, conservative government passed to shake up a hidebound labor market. It eliminates a tax break on overtime pay, for example.

The government has promised the 2013 budget will include spending cuts, but economists worry the new leaders don't understood how urgently France needs to reduce costs. Ballooning debt has forced other European countries to seek bailouts.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


130
2012-31-31
Tuesday, 31 July 2012 01:31 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved