法国又打起“富人税”念头

Core Viewpoint - The French government has announced a fiscal budget plan for 2026 aimed at alleviating high debt levels and restoring public finance stability over four years, which includes mechanisms to limit tax optimization strategies for wealthy individuals [2][3]. Group 1: Fiscal Measures - The budget plan includes approximately €43.8 billion (about $50.88 billion) in spending cuts and tax increases to reduce the largest budget deficit in the Eurozone [3]. - Measures to save the budget include freezing certain government expenditures, reducing the number of civil servants, cutting social benefits, and imposing temporary taxes on high-income earners [3][4]. - The government plans to increase revenue by closing tax loopholes rather than directly raising tax rates, while also not reinstating the wealth tax abolished in 2017 [3][5]. Group 2: Taxation on Wealthy Individuals - Individuals earning over €250,000 may face higher tax rates if the new budget plan is approved, with the Prime Minister emphasizing a fair contribution from high earners [4]. - The proposed "solidarity tax" aims to ensure that the wealthiest individuals contribute more, targeting non-productive assets that are minimally taxed [4][5]. Group 3: Economic Context and Challenges - France's public spending accounts for 57% of GDP, which is 7 percentage points higher than Germany, complicating the budget cut efforts [5]. - The fiscal plan faces significant political and economic resistance, with opposition parties threatening votes of no confidence and unions planning protests [6][7]. - The current economic growth in France is expected to lag behind the Eurozone average, with uncertainty in tax policies undermining confidence among businesses and households [6][9]. Group 4: Debt and Deficit Projections - France's deficit is projected to be 5.8% of GDP in 2024, with public debt reaching 114% of GDP by the first quarter of 2025 [9][10]. - Moody's forecasts that the deficit will rise to 6.3% of GDP in 2025 before potentially decreasing to 5.2% by 2027, while public debt may increase to around 120% of GDP by 2027 [9][10]. - Concerns over France's ability to control its budget deficit are growing, impacting investor confidence in the Euro [10].