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By: Sahibzada Zaheen Iqbal
After four days of sometimes fierce debate, French lawmakers have approved a revised 2012 budget that includes hiking taxes on the wealthy and ending former president Nicolas Sarkozy's policy of exempting overtime hours from payroll charges.
The French cabinet earlier this month approved the revised 2012 budget, which includes 7.2 billion euros ($8.8 billion) in tax rises and 1.5 billion euros in spending cuts this year.
One of the measures ends a Sarkozy policy dubbed the "work more, earn more" rule of exempting overtime hours from payroll charges and income tax.
The French lawmakers also voted to reduce the salaries of , Prime Minister and other government ministers by 30 percent.
The measures also includes emergency rise in the ISF wealth tax applying to taxpayers with a net worth of more than 1.3 million euros ($1.6 million) and tightened inheritance tax.
It is now estimated that the budget deficit will be reduced by 81.1 billion euros.
After four days of sometimes fierce debate, French lawmakers have approved a revised 2012 budget that includes hiking taxes on the wealthy and ending former president Nicolas Sarkozy's policy of exempting overtime hours from payroll charges.The French cabinet earlier this month approved the revised 2012 budget, which includes 7.2 billion euros ($8.8 billion) in tax rises and 1.5 billion euros in spending cuts this year.
One of the measures ends a Sarkozy policy dubbed the "work more, earn more" rule of exempting overtime hours from payroll charges and income tax.
The French lawmakers also voted to reduce the salaries of , Prime Minister and other government ministers by 30 percent.
The measures also includes emergency rise in the ISF wealth tax applying to taxpayers with a net worth of more than 1.3 million euros ($1.6 million) and tightened inheritance tax.
It is now estimated that the budget deficit will be reduced by 81.1 billion euros.
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