The French government have been instructed to implement a wealth tax on the country’s top 10 per cent in order to help solve climate change.
In a report submitted to the French government on Monday, it was recommended that authorities implement a once-off wealth tax on the country’s top 10 per cent for the sake of the country’s green agenda.
The topic of wealth taxes has been gaining more prominence across the West over the last number of years, with a number of left-wing politicians and activists now advocating for such a one-off toll for the purpose of funding climate change initiatives.
According to a report by Le Monde, the 150-page report penned by Professor Jean Pisani-Ferry makes a similar argument, arguing that a five per cent tax on the country’s wealthiest could generate up to €5 billion every year on average which could be spent on net zero efforts.
Incredibly, while the tax has been portrayed as a tax on the “super wealthy” in media reports, it actually is proposed to hit the top ten per cent. Depending on how that’s calculated, it could easily take in the upper middle class not just the tiny body of the hyper-wealthy.
Those hit by the tax would have the option of paying the tax all in one go, over the period of a number of years, or even adding the charge onto inheritance taxes when they die.
Such a cash injection would not be enough however, with the economist also urging for the government to take on between €250 billion and €300 billion worth of debt by 2030, with such “brutal” acceleration now described as being needed in order for France to hit its climate targets.
“We will have to do in ten years what we have struggled to do in thirty years,” Pisani-Ferry reportedly said in the report.
Sanders declared “billionaires should not exist” as part of the rollout of his massive proposal to redistribute wealth in America via an “extreme wealth” tax, which he claims will “reduce the outrageous level of inequality that exists in America today.” https://t.co/cA4LrZwKMU
— Breitbart News (@BreitbartNews) September 24, 2019
The report is now to be considered by the French government, with both Prime Minister Elisabeth Borne and Green Transition Minister Christophe Bechu previously expressing openness to radical measures aimed at pushing climate ideology.
Other officials appear far less keen to back the plan, however, with Finance Minister Bruno Le Maire having already come out to decry the plan as being a very bad idea.
“Is the tax a solution? No!” the minister declared on Tuesday, saying that the wealth tax seemed completely unreasonable considering France’s wealthiest are already operating within income tax brackets of 75 per cent.
“Our policy is to lower taxes, to lower the tax burden in a country that has the highest tax burden of all developed countries,” he continued, insisting that he wanted to “reassure taxpayers” that France was not coming to steal all their wealth away.
French government spokesman Olivier Véran also took aim at the proposed tax regime, describing himself as being convinced that France can achieve its green agenda without the taxation model.
“If one tax were enough to transform our country and the future of the planet, that would be great,” he said. “But I don’t think that’s really the issue.”
Jared Bernstein, President Joe Biden’s nomination to be chairman of the Council of Economic Advisers, has supported the Green New Deal, higher gas taxes, a wealth tax, and tying Federal Reserve policy to the black unemployment rate. https://t.co/QrQup0kCYZ
— Breitbart News (@BreitbartNews) May 9, 2023
COMMENTS
Please let us know if you're having issues with commenting.