World Economy

France to Cut Taxes

France to Cut TaxesFrance to Cut Taxes

The French government will cut taxes for a total of €11 billion ($12.3 billion) next year, according to budget plans that aim to loosen up an economy burdened with high unemployment and weak growth, AP reported. The budget detailed Wednesday in a cabinet meeting is the first under President Francois Hollande to meet the government’s deficit targets. The government plans €9 billion in corporate tax breaks to boost hiring and investment. The amount is part of a €40 billion plan staggered from 2014 to 2017 to support French business. Income taxes will be cut by €2 billion.