Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/28/2012 (1 year ago)

Catholic Online (www.catholic.org)

President Francois Hollande's Socialist government wants to offset belt-tightening

France's new President Francois Holland intends to unveil major budget reforms which include a 75 percent tax on the super wealthy. Coupled with sharp tax hikes, the proposed 2013 budget is aimed at proving France has what it takes to remain at the core of the euro zone.

France's new President Francois Holland intends to unveil major budget reforms which include a 75 percent tax on the super wealthy.

France's new President Francois Holland intends to unveil major budget reforms which include a 75 percent tax on the super wealthy.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/28/2012 (1 year ago)

Published in Europe

Keywords: France, tax on wealthy, budget tightening, Francois Hollande


LOS ANGELES, CA (Catholic Online) - The proposal will recoup $39 billion in U.S. dollars for the public purse with a goal of narrowing the deficit to 3.0 percent of national output next year from 4.5 percent this year. The budget represents France's toughest belt-tightening in 30 years.

Record unemployment along with data pointing to economic stagnation, there are fears in France that the deficit target will slip as the nation falls short of the modest 0.8 percent economic growth rate on which it is banking for 2013.

Pro-reform lobbyists were disappointed by the budget as they say it merely freeze's France's high public spending in lieu of attacking ministerial budgets, in the manner of Spain as it battles to avoid the conditions of an international bailout.

"This is a fighting budget to get the country back on the rails," Prime Minister Jean-Marc Ayrault said, adding that the 0.8 percent growth target was "realistic and ambitious.

"It is a budget which aims to bring back confidence and to break this spiral of debt that gets bigger and bigger."

Public debt in France is at a post-war record of a staggering 91 percent of the economy. The budget is vital to France's credibility, not only among euro zone partners but also in markets which for now are allowing it to borrow at record-low yields around two percent.

The government says the budget was the first in a series of steps to bring its deficit down to 0.3 percent of GDP by 2017.

Initial reactions were skeptical. "The ambitions that were flagged are very audacious," Philippe Waechter at Natixis Asset Management says. "I struggle to see how we'll find the growth needed in 2013 and afterwards."

Of the total 30 billion euros of savings, around 20 billion will come from tax increases on households and companies, with tax rises already approved this year to contribute some 4 billion euros to revenues in 2013. The freeze on spending will contribute around 10 billion.

For business leaders who expressed dismay at an exodus of top talent, the government confirmed a temporary 75 percent super-tax rate for earnings over one million euros and a new 45 percent band for revenues over 150,000 euros.

Business will be hit with measures including a cut in the amount of loan interest which is tax-deductible and the cutting of an existing tax break on capital gains from certain share sales - moves worth around four billion and two billion euros each.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2014
Mentally disabled:
That the mentally disabled may receive the love and help they need for a dignified life.
Service to the poor: That Christians, inspired by the Word of God, may serve the poor and suffering.



Comments


More Europe

Until death 'til they part - and then some! Skeletons hold hands for centuries Watch

Image of The skeletons were placed together in this position, as there was enough room in the grave to have them buried apart, according to Vicki Score, ULAS project manager.

By Catholic Online (NEWS CONSORTIUM)

It was a remarkable find - and a reminder on how love can last past the grave. Two skeletons, holding hands centuries after their passing, were discovered in an old, British churchyard. Fingers still entwined, the couple was found in a site that overlooks the ... continue reading


Who was the mysterious third tribe that formed gene pool with primitive Europeans? Watch

Image of Hunter-gatherers arrived in Europe thousands of years before the advent of agriculture. These hunters took shelter in the south during the Ice Age and then expanded during a period called the Mesolithic, after the ice sheets had retreated from central and northern Europe.

By Catholic Online (NEWS CONSORTIUM)

Researchers at Harvard medical School have definitely linked at least three tribes that combined to create Europeans of 7,000 years ago. Scientists say that blue-eyed hunters with olive skin mingled with brown-eyed, fair-completed farmers as these tillers swept ... continue reading


Pope Francis and St Augustine Speak to Bishops

Image of Francis encouraged these men, called to be shepherds of the flock of Christ, to be men of courage. He charged them to overcome the initial fears which can accompany the daunting task entrusted to them by the Lord and His Church.

By Deacon Keith A Fournier

This week, Pope Francis met with all of the Bishops who received their appointments in the past year. They are all participating in a training session which is held at the Vatican every year. Francis, the Bishop of Rome, told his brothers they were  - the ... continue reading


Shakespearean villain Richard III died from battle wounds Watch

Image of King Richard III suffered a total of 11 wounds around the time of his death. According to analysis, Richard suffered nine wounds to his skull and two to the rest of his body.

By Catholic Online (NEWS CONSORTIUM)

Classical Shakespearean villain and colorful historical figure King Richard III died from a particularly brutal blow to the skull he suffered in battle. A forensic analysis of his skeleton gave scientists' clues to his final moments. LOS ANGELES, CA (Catholic ... continue reading


Millions displaced from homes due to natural disasters Watch

Image of Last year, seasonal floods caused significant displacements in sub-Saharan Africa, notably in Niger, Chad, Sudan and South Sudan, countries also affected by conflict and drought.

By Laura Onita, Thomson Reuters Foundation

Almost 22 million people were forced to flee their homes due to natural disasters last year and the numbers uprooted could increase as urban populations grow, a refugee agency said on Wednesday. (Thomson Reuters Foundation) - The majority were in Asia, where 19 million ... continue reading


Pope Francis invites Chinese President Xi Jinping to meet with him Watch

Image of It's not yet known how Chinese President Xi Jinping will respond to Pope Francis' request for a special meeting.

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has reportedly invited the President of China, Xi Jinping to meet with him, either in the Vatican or Beijing. The pontiff wants to speak to the president in order to build a lasting global peace, which the Pope says is engaged in a "piecemeal" ... continue reading


Marriage and Holiness: Pope Marries Twenty Couples on the Exaltation of the Cross Watch

Image of One of the twenty couples who exchanged their vows in the presence of Pope Francis

By Deacon Keith A Fournier

Much of the Press, including circles of the Catholic Press, focused on the unique path which some of the couples followed to the Sacrament of Marriage; even though they had all arrived at the Altar, offering their love to the Source of all true Love, for ... continue reading


Pope Francis Gives Impassioned Plea for an End to War: What Does it Matter to Me? Watch

Image of Pope Francis walks inside the Austro-Hungarian cemetery at Fogliano in Redipuglia September 13, 2014. REUTERS/Stefano Rellandini

By Catholic Online

With this - What does it matter to me?-  in their hearts, the merchants of war perhaps have made a great deal of money, but their corrupted hearts have lost the capacity to cry.  That - What does it matter to me?- prevents the tears.  Cain did not ... continue reading


SOLVED AT LAST: DNA testing nails Polish emigre as JACK THE RIPPER! Watch

Image of Aaron Kosminski, inset, a hopelessly insane Polish immigrant - unable to care for himself and left in the care of relatives - was able to successfully evade justice as the dreaded Jack the Ripper of 19th Century London.

By Catholic Online - (NEWS CONSORTIUM)

London's most notorious serial killer, Jack the Ripper or "Springheel Jack" slashed and killed five prostitutes in the Whitechapel district in the 1880s. Never caught, countless theories sprung up over his identity through the 100-plus years. Some postulations ... continue reading


Rare U.S. coin discovered in Britain could fetch well above a million dollars at auction Watch

Image of Amateur treasure hunter, 42-year-old John Stoner had just begun to search a field in Nottinghamshire, England when he made a most remarkable discovery --

By Catholic Online - (NEWS CONSORTIUM)

Amateur treasure hunter, 42-year-old John Stoner had just begun to search a field in Nottinghamshire, England when he made a most remarkable discovery. He uncovered a 350-year-old threepenny coin, used by America's Pilgrim Fathers. The rare coin is expected to ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Corinthians 15:12-20
12 Now if Christ is proclaimed as raised from the ... Read More

Psalm, Psalms 17:1, 6-7, 8, 15
1 [Prayer Of David] Listen, Yahweh, to an upright ... Read More

Gospel, Luke 8:1-3
1 Now it happened that after this he made his way ... Read More

Saint of the Day

Saint of the Day for September 19th, 2014 Image

St. Januarius
September 19: St. Januarius was born in Italy and was bishop of Benevento ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter