Aiming for balance. Following criticism from a majority of MPs, Jean-Claude Juncker administration amended the planned budget presented in October. MPs from the Christian Social People’s Party (CSV) were blaming the government for trying forgetting the objective of budget balance set out for 2014. At the same time, they found out that deficit prospects – initially €415 million for the first 2012 quarter announced before the summer – now amounted to €1.65 billion for the year, i.e. “a deviation of €250-300m” from the commitments made with the European Union, CSV leader Michel Volter reminded. In the end, the new reduced budget cuts spending by €538, yielding €414 million, which will mostly come from the solidarity tax – increasing to 7 percent for families. For their part, businesses will have to pay minimum annual taxes of €500-20,000 depending on their size.
budget cuts spending by €538, yielding €414 million, which will mostly come from the solidarity tax – increasing to 7 percent for families. For their part, businesses will have to pay minimum annual taxes of €500-20,000 depending on their size.
Cuts. Unions are angry because the plan suspends the adjustment of pensions to 2009 and 2010 wages starting next January, even though the pension insurance has €12 billion in reserve. The suspension will also apply to the 18,000 people earning guarante
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