France's Macron to offer new tax cuts in 2020 budget

President Emmanuel Macron's government will offer French taxpayers new tax ...

PARIS - President Emmanuel Macron’s government will offer French taxpayers new tax cuts on Friday in its 2020 budget, as he seeks to quell any future unrest that could derail his economic reforms.

“This is an unprecedented tax cut. It’s a fact that tax cuts have been stepped up in response to the yellow vests,” budget minister Gerald Darmanin said on France Inter radio Wednesday. In response, Macron gave a first jolt of emergency tax relief this year to poor workers and households worth more than 10 billion euros, and is following up with a second wave next year.

The finance ministry expects savings on lower-than-expected interest rates of about 3 billion euros this year and 8 billion euros next year, ministry sources said earlier this month. The government also intends to eliminate some tax breaks, loopholes and exemptions to help pay for the broader tax cuts, although it’s finding that easier said than done.

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