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France raises taxes on rich, cuts spending in 2013 budget

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Image uploaded from a quicklink French Prime Minister Jean-Marc Ayrault said that the government's newly unveiled spending plans for 2013 are a "combat budget" that will tackle debt and bring much needed growth to the nation. A third of the savings will come from cuts to public spending, the president's office said, while an additional 10 billion euros will come from a tax on companies. The remainder will be raised through tax increases on high-earning individuals, including a 75% levy on incomes higher than 1 million euros ($1.26 million) and a new 45% tax bracket affecting 6.2 million households. However, nine out of 10 earners will not see income tax increases, the government said.

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