France will increase taxes by about 20 billion euros to control the deficit. Temporary taxes target the wealthy and large companies.

On October 3rd, Jinshi Data reported that French Minister of Finance Saint-Martin said that the temporary taxes aimed at helping to control out-of-control public finance will only affect the wealthiest families and largest companies. The French government announced on Wednesday a plan to cut spending and increase taxes by about 60 billion euros next year to recover the expanding budget deficit and boost investor confidence in France. Nearly 20 billion euros will be generated by increasing government revenue, including taxing the wealthy and large companies. French President Emmanuel Macron supports this approach. Saint-Martin said on Thursday on France's second TV channel, 'We are talking about 0.3% of families, the wealthiest families - families without children, with an annual income of about 500,000 euros.'