“French president François Hollande has bowed to massive pressure for business tax cuts to pull France’s economy out of slump and stave off industrial decline, ditching a core element of his socialist platform. Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates. Spending cuts will plug the revenue gap in order to meet the EU’s 3pc deficit target. Critics call it the most humiliating U-turn in French politics since François Mitterrand abandoned his disastrous experiment of ‘Socialism in one country’ under a D-Mark currency peg in 1983.”
Related posts:
U.S. Hikes Fee To Renounce Citizenship By 422%, to $2,350
China tells U.S. to slow money printing presses
Central banks last year bought most gold since '64
The Winklevosses: Bitcoin worth 100 times more
Why Canadians want to retire in the U.S.
Apple Pay won't bite into bitcoin: Winklevoss
Belgian diplomat booted from NY golf club, treated like ‘terrorists’ over wife’s breast-feeding
China’s falling real-estate prices trigger protests, clashes
Congress, federal workers to get raise
Poland begins uncovering story of secret US detention center
U.S. Deal With JPMorgan Followed a Crucial Call To Justice Department
Goldman Has a New Product to Bet on the Next Banking Crisis
Greenwald: Obama's NSA 'reforms' are little more than a PR attempt
A Texan tragedy: Plenty of oil, but no water
N.S.A. May Have Hit Internet Companies at a Weak Spot