France: ‘Green light’ from the National Assembly on the taxation of billionaires

“Yes” to an amendment to impose a tax on billionaires, the French National Assembly, said in a debate on the tight state budget for 2025.

The Jouckmann metrology, proposed by left-wing MPs from the Unconquerable France party draws its inspiration from French economist Gabriel Jouckmann, who supports a global tax on billionaires. According to it, it envisages a tax at a rate of 2% on citizens whose wealth exceeds one billion. Euro.

It must also be approved by the Senate

The proposed tax, which left-wing MPs say could generate an additional 13 billion euros in revenue, is far from being implemented, however, as amendments to the 2025 budget plan must also be approved by the Senate. The budget debate is expected to last until December.

The government’s 2025 budget plan, announced earlier this month, aims to reduce the huge budget deficit by raising taxes and cutting spending by €60 billion.

The draft budget is expected to have a tough ride through parliament from opposition parties. Prime Minister Michel Barnier may have to use special powers under the constitution to bypass parliament, although this would likely trigger the filing of a motion of impeachment against his fragile government.

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