Multiple parties are jockeying for position in the aftermath of France’s seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.
France’s left wing New Popular Front (NPF) - now the largest group in parliament - has called for a prime minister who will implement its ideas including a new wealth tax and petrol price controls.
The leftist alliance secured the most seats in the recent French elections but fell short of the 289 needed for a majority in the National Assembly, France’s lower house of parliament.
President Emmanuel Macron’s Together bloc came in second and Marine Le Pen’s far-right National Rally (RN) party finished third.
France’s parties are now jockeying for position and it’s unclear exactly how things will shake out, but the NPF has insisted it will implement its radical set of ideas.
Why would they move? This is an income tax, not a wealth tax and the wealthy typically have relatively little “income”. Sure they may have a net worth of tens, hundreds, or even thousands of millions but their “incomes” (as defined by tax codes) can be surprisingly low.
Look at the CEOs like Steve Jobs and Jeff Bezos whose salary was a single US dollar. They were incredibly wealthy but had nearly no normal income.
So unless you jigger the tax code to capture the work arounds the wealthy use this income tax will hardly touch them. It will only catch high wage earners, like a software dev working FAANG or something.
I guess that’s an argument for also having a wealth tax.
Because most of them still won’t move. Paris will not become a less desirable city to live in.
I think it would be easier if they rewrote the tax code so that everything (loans, stock sales, etc) counted as regular income and was subject to taxes.
Was it ever desirable?
The city of light? The city of love? Famed for its art and culture and cuisine? Full of beautiful architecture?
No, no one ever wants to go there.
Have you ever been there or just seen the photos?
I get that you don’t like Paris, but there’s a reason why a lot of rich people live there and it isn’t because it’s a terrible place.