Wealthy hit hardest as France raises taxes

The new French government announced a supplementary 2012 budget on the 4 July 2012 that aimed to meet France's 2012 budget deficit target.

The supplementary 2012 budget, required to ensure the government hits its deficit target of 4.5% of gross domestic product in 2012, was weighted overwhelmingly towards taxes on the rich and big companies as ministers said planned spending cuts would mainly take effect from 2013.

BBC News, 4.7.12: Hollande unveils 7bn-euro tax rise for rich and firms http://www.bbc.co.uk/news/business-18705834

ESO: Background information: Hollande ready to tackle public finances http://www.europeansources.info/record/hollande-ready-to-tackle-public-finances/

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