Economy: Bruno Le Maire strongly opposes tax increases in France

A few weeks ago, Bruno Le Maire, the French Minister of the Economy, announced a saving plan for the French finances amounting to 10 billion euros. The goal was to maintain the financial stability of the country. Alongside this plan, he has been categorical and clear regarding a tax increase which he sees as not at all opportune.

The Minister of the Economy reiterates his opposition to the tax hike…

In a recent op-ed, Bruno Le Maire, the Minister of the Economy and Finance, reiterated his categorical opposition to any increase in taxes in France. This firm position comes at a particularly challenging time.

Indeed, the public deficit in France has reached a level of 5.5% of the GDP. An alarming situation that has sparked debate within the majority as to what measures should be taken to rebalance the public finances.

For Bruno Le Maire, raising taxes would be a major economic mistake. He believes that such an option goes against tax justice. This is because a disproportionate share of the tax burden already falls on a minority of taxpayers.

Moreover, it could undermine the attractiveness of France’s economy, a country already subject to high tax rates. While France has become one of the most attractive destinations in Europe for foreign investments thanks to a stable tax policy.

Faut-il croire BLM ou les voix dans la majorité qui disent le contraire ? 🤔
Les promesses n’engagent que ceux qui les écoutent… 😬🙄

«Ce serait stupide» : Bruno Le Maire balaie une nouvelle fois toute augmentation d’impôtshttps://t.co/if8wIPL0UC
par ⁦@Le_Figaro⁩

— Philippe… ou Philou 💙❤️ (@AntiMc2_0) April 3, 2024

An option that would not serve the nation’s interest

Furthermore, the minister has dismissed the idea that raising taxes would be in the national interest. He argues that the savings rate of the French is already among the highest of developed countries. In other words, households are already under significant tax pressure.

An additional increase in taxes would have a perverse effect. It would further discourage investment and economic activity, which would then jeopardize job creation and growth.

Instead of resorting to tax hikes, Bruno Le Maire advocates for a reduction in public spending, which he sees as the real economic challenge facing France. He points out the high level of public expenditure.

According to him, this does not translate into satisfactory quality of public services, deeming it necessary to engage in a serious debate. In particular, on the rationalization of government spending, which would allow for more optimal use of the state’s resources.