The new French government is studying options for tax increases on the wealthy and corporations in an effort to narrow widening deficits, while not undermining President Emmanuel Macron’s record of pro-business reforms.
Finance minister Antoine Armand, a little-known member of Macron’s centrist party before being named in Prime Minister Michel Barnier’s cabinet this month, said decisive action was needed to tackle “one of the worst deficits in our history” outside of exceptional crises such as the coronavirus pandemic.
“We will work to match the seriousness of the situation,” the 33-year-old told France Inter radio on Tuesday. “Targeted levies on the wealthiest households are being studied. Targeted levies on businesses . . . are also being considered.”