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In an interview with L’Express, the President of the Republic reiterates his intention to reduce taxes for the middle class by two billion euros in 2025. A review of the promise that the French did not forget…
There are promises that are hard to forget. Like going down taxes two billion euros for the middle class. Emmanuel Macron he repeated it this week in Express. This decision “must be maintained, because it is an economic accelerator”, said the head of state.
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Taxes: 2 billion euros for the middle class… Who is affected? What levies or taxes will fall?
In the spring of 2023, he presented this idea for the first time. The exact timing of the measure then evolved over the months, with the option of delaying it until the end of the five-year term, or “as soon as possible”… Then last January, Emmanuel Macron cleared things up, announcing, in front of reporters, that the tax cuts would kick in strength in 2025.
Less taxes, more cuts
Since then, the country has been put on a dry diet. In order to reduce the state budget deficit, which has increased significantly, Economy Minister Bruno Le Maire indicated that by 2027, it would be necessary to cut 50 billion euros in public spending. How then, in such a financial situation, can we deprive ourselves of 2 billion tax revenues? Gabriel Attal he gave the solution on April 19 on BFMTV. “We’ll be able to sustain the commitment by funding, that means putting forward the two billion, for example, target economy that we’re making to be able to make this reduction.” In other words, the amount of public spending equivalent to tax cuts should be eliminated.
And the latter, the President of the Republic believes, will have the effect of stimulating growth. “This money returned to the French was spent, it was spent in the economy. It is put aside. They use it for more activities, access to housing, a better life. It’s a very good thing,” Emmanuel Macron told l’Express.
Form and agenda
It remains to be seen what form the measure will take. The executive might decide to raise the threshold dentry into the first brackets of income tax, as he did during the yellow vest crisis. The Prime Minister would rather be in favor of reducing the contributions of employers and employees. There is also talk of expanding the tax loophole for child care…
When will the arbitrations take place? “The budget for 2025 is being prepared between June and September. Then we will make decisions on the budget,” replied Gabriel Attal. See you in the fall to definitely decide.
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