A majority of lawmakers supported the proposition from the far-left LFI party, despite warnings from the incumbent government.
  • Floshie@lemmy.blahaj.zoneEnglish
    0·
    21 days ago

    Within the Barnier government, this law will be quite unlikely applied, yet I’m glad it reached such point of consideration

  • vin@lemmynsfw.comEnglish
    0·
    21 days ago

    would apply to anyone who is a tax resident in France or who has assets in France.

    Awesome!

  • atro_city@fedia.io
    0·
    21 days ago

    French lawmakers on Friday voted in favour of a new levy that would tax assets above the €1 billion threshold at 2%.

    2%? 🤣🤣🤣

    Oh well, it’s something…

    • anon6789@lemmy.worldEnglish
      0·
      21 days ago

      I know 2% is fairly laughable when we’re talking normal people money, but this is 20 million per 1 billion.

      when simply considering the 10 biggest fortunes in France, the tax would bring in no less than €13bn for the state.

      A country can do a decent bit of good for people with 13 billion.

        • anon6789@lemmy.worldEnglish
          0·
          21 days ago

          That would be amazing! No need for 2% to be the end goal instead of just a good start. A good government serves all its citizens, not just the ones with big bank accounts.

    • killingspark@feddit.orgEnglish
      0·
      21 days ago

      It’s a first step. One thing this will (hopefully) provide is more accurate data on exactly how much wealth is being hoarded. The current data is being assumed to be underestimating the actual numbers

    • Saleh@feddit.orgEnglish
      0·
      21 days ago

      For a wealth tax that is quite substantial.

      Every year paying 2% on the wealth above the threshold means you have to make at least 2% ROI on these assets to stay neutral with the money. That also means there is more of an interest to actually invest the money in economic activity, rather than buy assets that just appreciate price, while being tucked away in some warehouses.

      • atro_city@fedia.io
        0·
        21 days ago

        Every year paying 2% on the wealth above the threshold means you have to make at least 2% ROI on these assets to stay neutral with the money

        2% is nothing mate. Nothing. The wealth of the rich grew by 30% during COVID IIRC. Housing prices dropped in some places but only marginally and went right back up. It wouldn’t surprise me if financial assets / instruments were not included in this bill either. The rich have been getting richer at rates way past inflation and I think by now it’s common knowledge that it doesn’t happen with income and nearly everything but.

        Again, 2% is a starter, but still a joke. Most of their assets can still sit there and accumulate value at rates that easily surpass inflation.