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France passes contentious budget, heavy on taxes

[December 20, 2012]  PARIS (AP) -- France's parliament has passed a contentious budget for next year that includes a raft of new taxes aimed slashing the country's deficit and putting it on the path to economic recovery.

Socialist President Francois Hollande's budget aims to cut euro30 billion ($40 billion), with two-thirds of that coming in tax hikes, including a 75 percent levy on incomes earned over euro1 million. But it was the increase in taxes on profits from investments that raised the most hackles in France, touching off a Twitter revolution of entrepreneurs who accused the government of punishing those who take risks. The bill, which the conservative opposition complained doesn't make enough spending cuts, has struggled to get through parliament. The lower house eventually passed it Thursday in a show of hands vote. [Associated Press] Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.