France Unveils New Tax on Wealthy People
(MENAFN) French Prime Minister Francois Bayrou has revealed intentions to impose a fresh tax targeting the nation’s wealthiest individuals as part of an extensive austerity plan aimed at controlling public debt and reducing the budget deficit.
The strategy features a “solidarity contribution” directed at high-income earners to help cover a €43.8 billion ($47.5 billion) budget gap. An existing tax applied to those earning more than €250,000 ($270,000) is expected to be broadened under the new scheme.
Bayrou stated on Tuesday, “The effort of the nation must be equitable. We must ask little of those who have little, and more of those who can do more.”
Last year, France’s budget deficit reached 5.8% of its gross domestic product (GDP), almost twice the official EU ceiling of 3% of GDP.
One of the more controversial elements of Bayrou’s proposals involves eliminating two national holidays — Easter Monday and Victory Day on May 8 — in an effort to enhance productivity.
Right-wing politician Jordan Bardella criticized the plan, calling it “a direct attack on our history and roots.”
Additional austerity measures in Bayrou’s package include limiting healthcare spending and maintaining pensions and social benefits at their 2025 levels.
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