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France passes contentious budget

PARIS — France’s parliament has passed a contentious budget for next year that includes a raft of new taxes aimed at slashing the country’s deficit and putting it on the path to economic recovery.

Socialist President Francois Hollande’s budget aims to cut $40 billion, with two-thirds of that coming in tax increases, including a 75 percent levy on incomes that are close to or over $1 million. But it was the increase in taxes on profits from investments that raised the most hackles in France, touching off a Twitter revolution of entrepreneurs who accused the government of punishing those who take risks.

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The bill, which the conservative opposition complained doesn’t make enough spending cuts, has struggled to get through parliament. The lower house eventually passed it Thursday in a show of hands vote.

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