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Thursday, November 7, 2024

Will the richest pay more? New tax

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The lower house of the French parliament adopted an amendment to the draft budget, providing for a tax on the fortunes of the richest citizens. However, the implementation of the tax is uncertain.

The amendment is called the “Zucman tax” – it is inspired by the proposals of the French economist Gabriel Zucman, who advocates a global tax for billionaires. It was submitted by an extreme left-wing party France Untamed (LFI), which co-creates a bloc called the New Popular Front (NFP).

The amount of tax on the richest in France. Proposal

The amendment provides for an income tax of 2%. The richest people whose wealth exceeds EUR 1 billion will pay. The Left believes that this will result in additional revenues of EUR 13 billion coming to the budget. The government was against this tax.

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Zucman has been calling for taxation of the fortunes of billionaires for years, arguing that they do not live on the income they receive, but on the assets themselves (e.g. shares of companies they control), which makes their tax burden (applied tax rates) lower than for others. taxpayers.

Zucman wrote in a comment on X that the adoption in parliament of the principle of taxing billionaires is “historic.”

As the daily “L'Opinion” emphasizes, France would be the first country to adopt the “Zucman tax”. However, its implementation is uncertain. The proposal would have to survive work in the Senate, where the amendments currently being introduced will be submitted, and then a vote on the entire budget bill in December.

Main photo source: Shutterstock



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