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Tax the rich or fall: French PM faces budget ultimatum
The proposed 2% tax on fortunes over €100 million targets 1,800 households and could raise up to €20 billion annually to help reduce France's budget deficit, officials said.
- 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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According to an Ipsos poll, the vast majority (86%) of the French, on the left and on the right, are in favour of the Zucman tax. A plebiscite that contrasts with the votes of the deputies of the central or right bloc, last February in the Assembly, for the most part opposed to this measure which would collect 2% of the fortunes each year exceeding 100 million euros.
CHRONIC - What motivates PS's star economist is not the search for the common good, but the desire for punishment of the richest.
·Paris, France
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der Standard DE
der Standard DEHundreds of thousands went to the streets in French cities to demonstrate for a change of course
·Vienna, Austria
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Coverage Details
Total News Sources21
Leaning Left4Leaning Right3Center5Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 33%
C 42%
R 25%
Factuality
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