In the first major hurdle for the recently-installed French Prime Minister Michel Barnier, the battle over the nation’s budget began on Wednesday, with both Marine Le Pen’s populist faction and the far-left New Popular Front rejecting the austerity measures.
With France facing economic calamity, with soaring debt levels and persistent budget deficits, Prime Minister Barnier submitted his proposals to the National Assembly parliament on Wednesday, which includes 60 billion euros in tax hikes and spending cuts.
Pitched as a temporary emergency measures, the neo-liberal government proposed raising tax hikes on 24,000 of the wealthiest households in the country as well increasing the taxes of around 400 top companies.
However, businesses and wealthy individuals would not be the only to feel the pinch, with the government also proposing tax hikes on electricity, cars, and air…
