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PARIS – The government of France is shifting its focus away from cutting taxes and instead towards cutting taxes for households. France will implement tax cuts worth approximately EUR 2 billion in 2016, according to a statement made by the President of France Francois Hollande at a news conference held on September 7th.

Previously the government of France had budget on seeing economic growth of approximately 1 percent over the course of 2016, however, now the level of growth has been revised upward to approximately 1.5 percent.
The extra growth, and subsequent increase in tax revenues, would partially compensate for the planned tax hikes.The remainder of the funds needed to pay for the EUR 2 million of tax cuts would be financed by cuts to governmental spending.The tax cuts will be targeted directly at individuals and households, although the exact nature of the cuts will be announced at the release of the national budget plan.Some experts have already come forward to note that the move towards cutting taxes for households represents a departure from the government’s recent pro-business focus centered on cutting taxes for businesses.