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TAX THE RICH The most eye-catching pledge of Hollande's presidential campaign was one to hike income taxes to 75 percent for those earning more than (EURO)1 million a year. He would also create a 45-percent tax bracket for those making between (EURO)150,000 and (EURO)1 million a year. The pledges have prompted fears of an exodus of wealthy footballers and pop stars to lands beyond the French border. Most voters see the tax as a powerful message that the rich aren't exempt from the belt-tightening called for in strained economic times. Other proposed measures would tax capital gains at the same level as income, and abolish tax breaks for large inheritances. DELAY BALANCING THE BUDGET This one is likely to send chills up German Chancellor Angela Merkel's spine: The first thing Hollande wants Parliament to do is pass a new law delaying the target for a balanced budget to 2017. Merkel and Sarkozy had pushed for balanced budgets across the eurozone as part of their effort to stem the region's debt crisis, and Sarkozy had aimed for 2016. But the budget squeeze led to cuts in pay, pensions and other spending that hurt many voters. France's Socialists say the government needs to spend money to ensure economic recovery first before it can promise a balanced budget. AND THEN? Hollande wants to lay the groundwork in July for the thornier issues of changing labor laws, creating jobs for young people and reducing France's overwhelming dependence on nuclear energy. He's already lowered the retirement age to 60 for some workers but acknowledges changes are needed to the indebted pension system. Sometime over the next year, he's pledged to push laws to legalize gay marriage and assisted suicide, neither of which would have ever passed in the outgoing conservative-led parliament.
[Associated
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