Wealthy hit hardest as France raises taxes

Socialist government has announced a big one-off increase in wealth taxes, by far the biggest single element in a €7.2bn package of new levies.

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France’s socialist government announced a big one-off increase in wealth taxes on Wednesday, by far the biggest single element in a €7.2bn package of new levies aimed at meeting this year’s budget deficit target that also included surcharges on banks and energy companies, reports The Financial Times.