French Budget - Focus on France 2013 Budget Draft28th September 2012
President François Hollande’s government unveiled €20bn (£16bn) in new taxes, including a 75% "supertax" for people earning more than 1m euros (£800,000; $1.3m) a year. The Socialist government sidestepped swingeing cuts in public spending, including pensions and state salaries, in its 2013 budget, which aims to find €36.9bn in savings. The aim is to reduce France's public deficit to 3% of GDP by 2013, in line with its EU commitments. The deficit is around 4.5% of GDP for this year, which represents 83.9bn euros.