French prime minister mulls taxing large firms to rein in ‘grave’ debt

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French prime minister mulls taxing large firms to rein in ‘grave’ debt - Business Mirror

Quick Summary:

Prime Minister Michel Barnier opened the door to taxing wealthy individuals and large companies in a bid to repair France’s massive budget deficit and reassure international investors.

Parties on the left and right have threatened to bring down the newly formed government, raising the risk of a swift collapse that would further cloud the outlook for France’s stretched public finances.

The issue is particularly explosive for President Emmanuel Macron’s centrists, who have argued that seven years of keeping a lid on taxes is a cornerstone of economic policy that slowly transformed France’s fortunes, bringing jobs and foreign investment.