French Lobby Chief Criticizes Socialist Tax Plan, Les Echos Says

Policies advocated by Francois Hollande, the Socialist candidate in France’s presidential election campaign, would raise taxes on business by 17 billion euros ($22 billion), a “crushing burden,” according to Medef, the country’s biggest business lobby group, Les Echos reported.

In an interview with the newspaper, Medef chief Laurence Parisot also criticized Hollande’s plan to raise the top tax rate on households with incomes of more than 1 million euros to 75 percent, saying it would discourage entrepreneurship. She praised the record of President Nicolas Sarkozy, who is campaigning for a second term, for tax reforms and investments that would increase France’s competitiveness.

To contact the reporter on this story: Carol Matlack in Paris at cmatlack@bloomberg.net

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net

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