France to bring back wealth taxes? Here's all about the controversial tax
French President Emmanuel Macron's decision to align with the Leftist New Popular Front (NFP), that emerged as the shock winner of the French parliamentary elections held on Sunday, has now instilled a fear among the wealthy bracket of France, who are dreading the return of wealth taxes in the country.
Wealth tax controversy: Can there be tax cuts for low earners?
As has been the norm for years in Europe, Left-leaning parties, whenever in power, increase taxes for the rich, which was somehow curbed down when centrist and right-wing parties formed governments. France's latest elections saw the NFP that includes the French Unbowed, Socialist Party, French Green Party, and the French Communist party join forces in unison. According to The Guardian, NFP's plans and programmes are somewhat inspired from the radical-left, which means tax cuts for lower earners, with a wealth tax for the affluent.
Is the notorious wealth tax in France coming back?
France already has a huge public spending ahead, if the plans and policies of the Government in the next few years are taken into consideration. Therefore, in order to keep the purse power of the government balanced, an aggressive tax-raising program can be implemented, suggests The Telegraph UK's report.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-111582299»>Wealth tax scrapping by Macron earlier popular among investors
Emmanuel Macron had earlier abolished the wealth tax for the affluent in 2018, which may now be reinstated, with the party claiming it will be able to raise £12.7 billion this way. However, this piece of information
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