Summer University absence of the PS, canceled because of the risk of disturbances and disruptions in the majority, Manuel Valls made his political comeback in the media. In this case an interview-river in “L’Express” on Wednesday. In addition to the fight against terrorism, the economy is widely discussed. With a message recessed no question of guard down on tax cuts, whether for businesses or households. While Hollande has three months to install a candidate for the Elysee, decline and illustrate the “I feel better” is an economic imperative for the duo of the executive.
Manuel Valls has said that the rate of corporation tax (IS) fall for SMEs, 28%, depending on the size of their profits. Currently, SMEs whose annual turnover is less than EUR 7.6 million pay a tax rate of 15% on profits up to 38,000 euros and 33.3% thereafter. The government will create a new slice: between 38,000 euros profit and a ceiling to be defined, SMEs will perform an IS 28%. Beyond this range, the upper limit will depend on the budgetary margins, companies still pay 33.3%. This tax measure will concern some 700,000 businesses already benefiting from the installment to 15% and should represent a cost of several hundred million euros.
Get closer to the European average
MEDEF criticized “a complex half-measure that not treat emergencies, “ but, by this measure, the Executive intends to demonstrate its desire to bring the IS to the European average (see below). Matignon ensures that this is a first step before a passage of the tax rate to 28% for all companies by 2020, a commitment of responsibility pact. Meanwhile, the head of the Government reiterated its commitment to increase the rate of the tax credit for Competitiveness and Employment (CICE) to 7% of payroll for salaries below 2.5 SMIC.
Finally, the head of government confirms a gesture to come for households. “The president and I want to continue to restore purchasing power to the French” , he said. However, the debate remains open on the form that this gesture. At Bercy, looking askance a decrease in income tax that would release new taxpayers from tax and which would be expensive. The executive board also on other more specific proposal, like the one worn by Valerie Rabault, PS budget rapporteur, who wants to reduce the CSG for the poorest pensioners. Another track forward by Manuel Valls: an increase of the premium business, the scalability is successful. Prime Minister assures that these measures will not prevent the public deficit down below 3% in 2017. In June, François Hollande had raised 2.7%, while the growth was at the rendezvous.
Announce tax cuts participates in “I feel better” that the executive intends to hammer this autumn. Although achieving growth of 1.5% this year, as the government expects, is not acquired. The Executive wants to continue to build on the “redistribution”, at a time when Nicolas Sarkozy unveils program and insists on massive tax cuts. Remains the big question of the decline in unemployment. Wednesday, Hollande will travel in Mayenne to take stock of the aid package to hiring for SMEs, the day of the publication of the latest monthly unemployment figures.
William Calignon, Les Echos
Gregory Poussielgue, Les Echos
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