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

submitted 4 months ago by MicroWave@lemmy.world to c/world@lemmy.world

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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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[-] Wanderer@lemm.ee 7 points 4 months ago* (last edited 4 months ago)

Petrol price controls is a terrible idea.

Why not subsidised (free) public transport, more cycle lanes more cycle parking, subsidised electric bikes, mandated EV charging.

[-] BirdyBoogleBop@lemmy.dbzer0.com 6 points 4 months ago

Because motorists hate anything that would help them. Why would you not want a separate bike lane as a motorist? It reduces congestion and gets the cyclist you hate so much off the road at the same time! It's a win win!

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[-] englislanguage@lemmy.sdf.org 4 points 4 months ago

Lots of places in France are so remote and sparsely populated that public transport does not work there, at least not yet. It may or may not work once autonomous vehicles are fit for rural areas, but this may take a while.

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[-] StaySquared@lemmy.world 5 points 4 months ago

lol it's like France loves to choose violence every time.

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[-] HawlSera@lemm.ee 5 points 4 months ago

Based

[-] ArbitraryValue@sh.itjust.works 4 points 4 months ago

The problem with high wealth taxes is the same as the problem with nationalizing privately-owned businesses. Even if you're not worried about the people you tax fleeing the country (maybe they can't because their investments aren't mobile) you still have to worry about the fact that no one would build anything in France (even things not currently taxed) if there was good reason to think that France might suddenly decide to seize a large fraction of its value.

(High income taxes aren't as big a deal because wealthy people can restructure their investments in order to avoid most of them, but I wonder whether the lost economic activity is actually worth more to the country than the money raised by the tax.)

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this post was submitted on 10 Jul 2024

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