News Summary: France PM announces gasoline tax cut

AP News
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Posted: Aug 22, 2012 12:42 PM
News Summary: France PM announces gasoline tax cut

CONCRETE ACTION: France plans to cut gasoline taxes to ease the pressure of rising prices on French households as the Socialist-led government attempts to quell rising concerns about the country's sluggish economy.

PRICEY PETROLEUM: Details of the tax cut will be revealed next week. Gasoline currently runs more than €1.70 a liter in Paris (about $8 a gallon).

THERE'S MORE: The government also announced plans to encourage the French to save more in tax-free bank accounts set up under a special state program. Funds from those accounts would support the construction of new public housing or making current buildings more environmentally efficient.