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The left-wing French coalition hoping to introduce 90% tax on rich (news.sky.com)

submitted 3 months ago by [email protected] to c/[email protected]

215 comments fedilink hide all child comments

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.

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[–] [email protected] 57 points 3 months ago (1 children)

I think the guy you're responding to is more talking about the distinction between income and capital gains, with income making up far less of the wealthy's worth than existing investments.

But yes, a lot of people also have no concept of how tax brackets work.

[–] [email protected] 10 points 3 months ago

Right. Someone with a networth of many millions may only have a yearly income of $100k. Sometimes far less. Different tax systems can also have different definitions of income. Is inheritance income? Are growth stocks that you haven't cashed in yet income? Are stock dividends income? You can answer yes or no to any of these, but however you answer, you can still structure the tax system around those answers to come to an equitable arrangement.