A few weeks ago, Bruno Le Maire, the French Minister of the Economy, announced a reduction in French finances of 10 billion euros. The goal is to maintain the financial stability of the country. In parallel with this plan, he is categorical and clear regarding an increase in taxes which is not at all appropriate according to him.
The Minister of the Economy reiterates his opposition to the tax increase…
In a recent column, Bruno Le Maire, the Minister of Economy and Finance, reiterated his categorical opposition to any increase in taxes in France. This firm position arises in a very specific context.
Indeed, the public deficit in France has reached a level of 5.5% of GDP. An alarming situation which has sparked debates within the majority on the measures to be taken to rebalance public finances.
For Bruno Le Maire, raising taxes would be an economic mistake major. He believes that such an option goes against tax justice. This is because a disproportionate proportion of the tax burden already falls on a minority of taxpayers.
Furthermore, it could compromise the attractiveness of the economy of France, a country already subject to high tax rates. While France has become one of the most attractive destinations in Europe for foreign investments thanks to a stable tax policy.
An option that would not serve the interest of the nation
Furthermore, the minister rejected the idea that raising taxes would be in the national interest. He maintains that the French savings rate is already among the highest in developed countries. In other words, households are already subject to considerable tax pressure.
A further increase in taxes would have a perverse effect. That of further discouraging investment and economic activity. Which would then jeopardize job creation and growth.
Rather than resorting to tax increases, Bruno Le Maire advocates a reduction in public spending, which he considers to be France's real economic challenge. He points to the high level of public spending.
The latter does not translate, according to him, into a satisfactory quality of public services, he therefore considers it necessary to initiate a serious debate. In particular on the rationalization of government spending which would make it possible to optimize the use of State resources.
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