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Tax the rich or fall: French PM faces budget ultimatum
The proposed 2% wealth tax targets billionaires with assets over €100 million, expected to raise up to €20 billion annually to reduce France's budget deficit, amid political tensions.
- French Prime Minister Sébastien Lecornu faces a critical decision on a 2% wealth tax targeting billionaires amid ongoing budget preparations in 2025.
- The tax proposal, designed by economist Gabriel Zucman, passed the lower house in February but was rejected by the Senate and may face constitutional challenges.
- The proposal targets wealth above €100 million, aiming to affect about 1,800 households and potentially raise up to €20 billion annually to reduce France's large budget deficit.
- An Ifop poll shows 86% public support for the tax, while critics warn it could discourage investment, especially if business-owners’ assets, like shares in startups such as Mistral AI valued at €11.7 billion, are included.
- Lecornu's political survival depends on negotiating with Socialist lawmakers who back the tax, while concerns remain about balancing tax justice with preserving investment and competitiveness.
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"Zucman tax": A solution to France’s budget woes?
As French PM Sébastien Lecornu faces the gargantuan job of getting a national budget across the finish line, the solution to breaking the political deadlock in the National Assembly could be a "Zucman tax", an idea floated by left-wing parliamentarians and activists. FRANCE 24 takes a look at what the proposal entails.
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Total News Sources7
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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