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”.
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