President Hollande taxes the rich


French President François Hollande’s government has submitted an amended 2012 budget to parliament which will lead to an additional €7.2 billion in taxes this year.

The move will see wealthy households facing a €2.3 billion tax bill whilst €1.1 billion will be charged in a one off tax on banks and energy companies. Foreigners with second homes in France will also be hit with a 15.5% on rental income as well as any profits made from selling the property.

The state auditor announced earlier this week that the government will need to find €33 billion in 2013.

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