French Budget Chief Says Temporary Tax to Hit Richest 0.3% (1)

French Budget Minister Laurent Saint-Martin said temporary taxes to help rein in the country’s runaway public finances would hit only the very richest households and largest companies.

The French government on Wednesday announced plans for around €60 billion ($66 billion) in spending cuts and tax hikes next year in an effort to claw back the widening budget deficit and bolster investor confidence in the country.

Laurent Saint-Martin on Sept. 23.

Photographer: Christophe Ena/AP Photo

Just under €20 billion will be generated by boosting government revenues, including from tax increases on wealthy individuals and large companies. President Emmanuel Macron endorsed the approach, so long as the hikes are temporary ...