French budget cuts taxes, aims to bring down deficit

The French government unveiled its 2016 budget on Wednesday with a plan to reduce taxes while also cutting its public deficit, with an eye on the presidential election the year after. Income tax will be cut by two billion euros ($2.23 billion) in 2016, in line with President Francois Hollande's promise last month to cut taxes "whatever happens". Hollande introduced around 18 billion euros of tax rises at the start of his presidency in 2012, with many of the measures targeting the wealthiest hous