The outlines of the draft budget for 2025 are gradually becoming clearer, after the great vagueness of Prime Minister François Bayrou's general policy speech on Tuesday. The 50 billion in efforts to reduce public deficits to 5.4% of GDP will be found for 32 billion in spending savings and 21 billion in new tax revenue.
With a precise timetable: the government hopes to have the text adopted by Parliament around February 23 or 24 so that it can, after passing the Constitutional Council, come into force on March 1. The regime of the “special law”, which for the moment renews the credits voted for the 2024 budget, would have lasted two months.
Tax on large assets
On the revenue side, a surtax on the profits of the largest companies, a slight increase in the tax on financial transactions, a postponement of the promised reduction in the CVAE, and a contribution from the wealthiest households on their assets would be proposed. On the other hand, the “flat tax” (single levy on capital income), a “Macronian” object par excellence, would not be affected.
On the expenditure side, the State's savings effort would be 23 billion for the State, in particular through its “operators” (5% less credits), five billion for Social Security and 2.2 billion for local communities. At the same time, announced savings are being ruled out, for example the elimination of 4,000 teaching positions, withdrawn Wednesday evening by the Prime Minister.
