French PM Admits Taxes Are Too Much

When François Hollande came to power last year, his most famous election promise was to impose a 75 per cent tax rate on those earning more than 1 million euros ($1.3 million) a year. Now France’s socialist president has acknowledged that the country is hitting the tax buffers.

In a television interview this week, he noted that both his and the previous center-right government had raised taxes in total by 60 billion euros since 2011, equivalent to about 3 per cent of national income. “That’s a lot – that’s to say, too much,” he said.

Mr Hollande has promised a “tax pause”, backing up his finance minister, Pierre Moscovici, who last month triggered a political tremor when he said he was “very conscious that the French are fed up with taxes”.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza