2024-09-18 09:41:25
This is the subject that is stirring up the political class: the increase in taxes envisaged by Michel Barnier. After seven years of tax cuts, he has startled some of his Macronist interlocutors and his political family Les Républicains by mentioning an increase in taxes, in the name of a stifling budgetary situation, but at the risk of depriving himself of support, like Gérald Darmanin or Gabriel Attal.
Financial situation “really worrying”
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The new Prime Minister considers that “ very serious ” the country’s budgetary situation and he is not the only one to be worried. The first president of the Court of Auditors, Pierre Moscovici, thus estimated on Wednesday that the objective set by the outgoing government to reduce the public deficit to 5.1% of GDP in 2024 would not be achieved, judging ” really worrying » the situation of French public finances.
Finally, the governor of the Bank of France, Villeroy de Galhau, also judged ” not realistic “the objective of a return of the public deficit below 3% of the gross domestic product (GDP) in 2027 displayed by the outgoing government, and called for ” set a five-year target.”
In particular, he suggests: “an exceptional and reasonable effort on certain large companies and large taxpayers “in order to reduce deficits,” until we return to below 3% of the public deficit “According to him, France can return to below 3% of the public deficit in five years.” This means an effort of around 20 billion euros per year.“, specified the governor of the Bank of France, this Wednesday morning on BFMTV.
“Don’t touch the middle classes”
François Villeroy de Galhau recommends doing mainly ” savings in expenditure, three-quarters of the effort, at the state level but also local and social expenditure, this is the priority remedy “And for the remaining quarter, or 5 billion euros per year, ” exclude “tax increases” is not wise, realistic ».
« If we have to make a fiscal effort on a quarter of expenditure, it would be very desirable not to touch the middle classes and SMEs because that would increase their wait-and-see attitude and uncertainty.he analyzes. On the other hand, we should not exclude an exceptional and reasonable effort from certain large companies or certain large taxpayers, for example as long as we have not returned to below 3% deficit, it could be a temporary effort. »
In France, 4.7 million people, or 7.4% of the population, are rich if we consider their income: in ten years, they have become fewer in number, but are on the other hand “richer”, according to a report from an association, the Observatory of Inequalities, published last June.
« Michel Barnier is very tempted to look for ways to save money by looking at corporate tax “, according to a source of Parisian, as well as re-establishing the wealth tax (ISF).
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- What are the implications of Michel Barnier’s proposed tax increase for France’s economy?
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Title: Michel Barnier’s Tax Increase Proposal Sparks Debate in France
Meta Description: French Prime Minister Michel Barnier’s proposal to increase taxes has sent shockwaves through the political class, with some Macronist interlocutors and Les Républicains opposing the move.
Keywords: Michel Barnier, tax increase, France, budget deficit, public finances, Les Républicains, Macronist.
Image Alt Tag: Michel Barnier, French Prime Minister, proposes tax increase to address budget deficit.
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French Prime Minister Michel Barnier’s proposal to increase taxes has sparked a lively debate in the country’s political class. The move, aimed at addressing France’s budget deficit, has been met with resistance from some Macronist interlocutors and Les Républicains, who fear it could stifle economic growth.
After seven years of tax cuts, Barnier’s proposal has come as a surprise to many. The Prime Minister argues that the measure is necessary to tackle the country’s “really worrying” financial situation, citing the need to reduce the public deficit and restore the health of France’s public finances.
However, not everyone is convinced. Gérald Darmanin, a prominent Macronist, has already expressed his opposition to the proposal, stating that he would not support a government that increases taxes. Gabriel Attal, another Macronist, has also spoken out against the move, arguing that it could harm economic growth and competitiveness.
Meanwhile, Pierre Moscovici, the first president of the Court of Auditors, has warned that France’s public finances are in a precarious state, with the country’s budget deficit expected to exceed 5.1% of GDP in 2024. The governor of the Bank of France, Villeroy de Galhau, has also expressed doubts about the government’s ability to reduce the deficit below 3% of GDP by 2027.
Despite the opposition, Barnier remains committed to his proposal, arguing that it is necessary to ensure the long-term sustainability of France’s public finances. The move is seen as a marked departure from the previous government’s policy of tax cuts, which were introduced to stimulate economic growth.
As the debate continues, it remains to be seen whether Barnier’s proposal will be adopted. One thing is clear, however: France’s budget deficit and public finances are in urgent need of attention, and the country’s leaders must find a solution to address these pressing issues.
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Financial Situation “Really Worrying”
Opposition from Macronist Interlocutors
Warning from the Court of Auditors
Bank of France Governor Expresses Doubts
Barnier Remains Committed to Tax Increase
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Raising taxes: “out of the question” to join or “support” a government that would do that, says Darmanin
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Title: Michel Barnier’s Tax Increase Proposal Sparks Debate in France
Meta Description: French Prime Minister Michel Barnier’s proposal to increase taxes has sent shockwaves through the political class, with some Macronist interlocutors and Les Républicains opposing the move.
* Keywords: Michel Barnier, tax increase, France, budget deficit, public finances, Les Républicains, Macronist.
