Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

French Parliament Passes 75% Income Tax in Hollande 2013 Budget

Dec. 20 (Bloomberg) -- The French Parliament today passed President Francois Hollande’s 2013 budget law, imposing a 75 percent tax on income of more than 1 million euros ($1.33 million) and forcing a 10 billion-euro cut in public spending.

Hollande’s 2013 blueprint relies on 20 billion euros in tax increases and new income tax brackets for high earners. The moves are aimed at bringing the budget deficit to 3 percent of gross domestic product next year from a projected 4.5 percent this year. The budget predicts growth of 0.8 percent.

Hollande’s Socialist Party has an absolute majority in the lower chamber, paving the way for the law’s passage even after his Green and Communist allies in the upper house rejected his budgetary plan, calling it too austere.

The Parliament also passed today the president’s five-year budget target that includes a 0.3 percent deficit in 2017, when his mandate will end.

To contact the reporter on this story: Helene Fouquet in Paris at hfouquet1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.