France, more taxes on the rich and corporations but no assets

Of companies 13.6 billion

Companies should contribute $13.6 billion. The “exceptional contribution to the profits of large companies”, about 440 companies, with a turnover exceeding one billion, is scheduled to last two years and provides for two levels of taxation.

For companies with a turnover of less than three billion, the rate will be 20.6% in the first year and 10.3% in the second year; For others, it will be 41.2% in the first year and 20.6% in the second year. A specific tax is expected to be imposed on shipping companies, while the electricity company EDF will have to pay $2 billion in dividends. The buyback tax is 8 percent. Finally, the reduction of one of the excise taxes, the value-added tax, was canceled with a contribution of $1.1 billion to the budget.

Discounts for 41.3 billion

The cuts are more significant. The number of public employees will be reduced by 2,201 people, out of a total of 2.4 million. The reduction in state expenditures will be equal to 25.1 billion, and the expenditures of Securité, the French welfare state, 14.8 billion. The reduction to local authorities, which amounts to five billion dollars, is less decisive. “We are far from an austerity cure,” Barnier said, but it is “an attempt to reorganize state spending.”
Aid to businesses will be reduced by $2.4 billion, measures taken in response to recent crises (Covid and high inflation) will be reduced by $1.3 billion, and subsidies for car purchases worth 500 million voters will be reduced. .

Social welfare measures

Social welfare measures will include postponing pension adjustments ($3.6 billion), while aid provided to companies for wages close to the legal minimum will be reduced. Healthcare, by controlling prices and volume of products purchased, reviewing tickets and improving hospital purchases, will also contribute $3.2 billion.

The goal is to contain the deficit in 2025 to 5% of GDP, with the idea of ​​returning to less than 3% in 2029.