French Prime Minister Francois Bayrou has announced plans for a new tax on the country’s wealthiest citizens as part of a sweeping austerity package designed to rein in public debt and cut the budget deficit.
The measures include a “solidarity contribution” aimed at high earners to help bridge a €43.8 billion ($47.5 billion) budget shortfall. A levy already in place targeting individuals making over €250,000 ($270,000) will now likely be expanded.
“The effort of the nation must be equitable. We must ask little of those who have little, and more of those who can do more,” Bayrou said on Tuesday.
France’s budget deficit hit 5.8% of gross domestic…
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