French President Emmanuel Macron has ordered further cuts to income tax to be ma...
PARIS - French President Emmanuel Macron has ordered further cuts to income tax to be matched euro-for-euro by cuts in public spending to keep the budget deficit from spiraling, the finance minister said on Friday.
“The president has set a principle of which I am the guarantor: each euro of decrease in income tax must be financed by a decrease of one euro in public spending,” Finance Minister Bruno Le Maire told LCI television. “The overall plan represents a sizeable fiscal boost to the economy. That’s good from a growth perspective. But, despite a better budget outturn in 2018, we see risks of extra issuance going forward, with large-scale fiscal consolidation now looking less likely,” he added.
Macron offered the new tax relief as he outlined his response to five-months of protests which have seen some of France’s worst street vandalism and looting in decades.
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