France Poised to Levy 75 Percent Income Tax

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Top wage earners in France may soon have to shell out 75 percent in income taxes.

The French government hopes the new spending plan will slash the deficit by 3 percent, or $30 billion euros, by next year.

One-third will come from spending cuts and the rest from taxes.

"The 3 percent target is vital for the credibility of the country," Finance Minister Pierre Moscovici said. "We are committed to it and we will meet it."

Even so, economists warn that the country must get even more serious about slashing state spending and reforming stringent labor laws.

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