12:58 27 October 2024
Tax for the Wealthy Introduced in the Budget Proposal in France
On October 25, 2024, the lower house of the French parliament approved an amendment to the budget proposal that includes a tax on the fortunes of the wealthiest citizens. This is a symbolic victory for the left, although the chances of it surviving the overall budget vote are slim.
The amendment, referred to as the "Zucman tax," is inspired by proposals from French economist Gabriel Zucman, who advocates for a global tax on billionaires. It was introduced by the far-left party La France Insoumise (LFI), that is part of a coalition called the New Popular Front (NFP).
The amendment stipulates that a 2 percent income tax will be levied on individuals whose fortunes exceed €1 billion. The left believes this measure could generate an additional €13 billion for the budget. However, the government opposed this tax.
