France’s socialists push billionaire tax after pension reform concession
Following a major pension reform concession from Prime Minister Sebastien Lecornu, France’s Socialists are now aiming to include a wealth tax on billionaires in the 2026 budget.
Lecornu announced plans to propose an amendment to suspend a landmark pension reform until after the 2027 elections, averting two no-confidence motions from the far-left and far-right. While this secures his minority government for now, his administration faces challenges in passing a budget designed to cut the deficit from 5.4% to 4.7% of GDP, News.Az reports, citing Reuters.
Socialist leader Olivier Faure said the party will push for the Zucman wealth tax, a 2% levy on fortunes exceeding 100 million euros, targeting about 0.01% of taxpayers. Faure emphasized the move aims to protect public services and support lower-income citizens.
Finance Minister Roland Lescure acknowledged the government’s focus on deficit reduction, which includes corporate tax cuts, stricter social welfare rules, and new levies, while remaining open to negotiations.
Analysts note that while pension reforms and billionaire taxes dominate political debate, the public remains primarily concerned with purchasing power, health, education, and inequality.
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