EC Estimates France Will Miss Deficit Target in 2015

  The European Commission doubts that France will be able to cut its deficit to the target level – 3% of its GDP – in 2015, despite the austerity measures announced by the new government led by Manuel Valls. Last Monday, the European Commission released its latest economic forecast for France, estimating a 3.4% public […]

New Military Bill Envisions “compact” yet “powerful” Armed Forces

Even in the face of continued economic stagnation, France will remain steady with the budget for the military. Jean-Yves Le Drian, the French Defense Minister, presented the military bill on Friday in a French cabinet meeting, which will cover 2014 through 2019. The extensive bill was marked with six primary priorities, which reflect the country’s […]

Hollande’s 75% Income Tax Plan Receives Final Blow

The French State Council (Counseil d’Etat ) objected to President François Hollande’s controversial 75% top-margin income tax reform plan last Thursday, declaring that the tax could not exceed 66.66% without being “confiscatory.” Finance Minister Pierre Moscovici released on Friday the government’s acknowledgement and acceptance of their advice. The 75% tax would have only been imposed […]

National Assembly Adopts 75% Tax, Debates Other Reforms

On September 28, Hollande’s much anticipated financial reforms were presented in the French National Assembly by Finance Minister Pierre Moscovici and Budget Minister Jêrome Cahuzac. Yesterday the National Assembly voted to adopt a law that taxes income above 1 million Euros at 75%, one part of Hollande’s financial reform project. This law represents the first […]