Macron government cuts wealth taxes in its first budget

Paris

FRENCH President Emmanuel Macron's business-friendly government unveiled its first annual budget on Wednesday, fending off criticism that its tax cuts favour the very wealthiest.

Ministers insisted the 2018 budget would benefit both rich and poor after criticism from left-wing opponents about the slashing of a tax on financial investments which raised 3.5 billion euros (S$5.6 billion) last year.

Left-leaning newspaper Liberation ran the front-page headline "Hero to the rich" alongside a picture of Mr Macron, a forme…