France’s Finance Minister, Antoine Armand, reassured citizens on Wednesday that the upcoming tax increases, aimed at improving the country’s finances, will be temporary and specifically targeted at high-income individuals.

Following Prime Minister Michel Barnier’s declaration to address France’s growing national debt through a mix of spending cuts and new taxes, Armand emphasized that low- and middle-income groups will not face additional tax burdens.

The French government is aiming to reduce its public sector deficit to 5% of GDP by next year, down from over 6% this year, requiring an improvement of around €40 billion ($44 billion). The majority of this adjustment, approximately two-thirds, will be achieved through spending cuts, while the remainder will come from taxes on the wealthiest citizens.