"France's lower house on Friday rejected a wealth tax proposed by the left, which has threatened to bring down the government if a levy on the super-rich is not in the budget. France is under pressure to pass a spending bill by the end of the year to rein in its deficit and soaring debt, but efforts have been hampered by a political deadlock."
"But lawmakers in the National Assembly rejected the measure on Friday evening, 228 voting against and 172 in favour. After the vote, Socialist leader Olivier Faure said there was "no possibility" of voting on the budget in its current form, but urged the premier and lawmakers to keep seeking a compromise -- or face censure and the threat of new legislative elections."
""If you think that at some point, we will agree to vote for a budget that is completely regressive, then you are mistaken," he said. "None of us here on the left... are afraid of the ballot box. And so, we will go to the polls if we have to." For his part, Prime Minister Sebastien Lecornu expressed his "profound disagreement" with the wealth-tax proposal, insisting there was no such thing as a "miracle tax"."
France's National Assembly rejected a left-wing wealth tax and a lighter variant, with 228 against and 172 in favour. The original proposal sought a minimum 2% levy on wealth over €100 million, called the "Zucman tax." The Socialist-led left bloc threatened to block the budget and pursue censure or new elections if the levy was absent. Prime Minister Sebastien Lecornu expressed profound disagreement and dismissed a "miracle tax," calling for a change of method and talks among parties. France faces pressure to pass a spending bill by year-end to curb deficits and soaring debt amid political deadlock.
Read at The Local France
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