this post was submitted on 25 Oct 2024
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[–] atro_city@fedia.io 40 points 4 weeks ago (5 children)

French lawmakers on Friday voted in favour of a new levy that would tax assets above the €1 billion threshold at 2%.

2%? 🤣🤣🤣

Oh well, it's something...

[–] anon6789@lemmy.world 27 points 4 weeks ago (1 children)

I know 2% is fairly laughable when we're talking normal people money, but this is 20 million per 1 billion.

when simply considering the 10 biggest fortunes in France, the tax would bring in no less than €13bn for the state.

A country can do a decent bit of good for people with 13 billion.

[–] SomethingBurger@jlai.lu 18 points 4 weeks ago (1 children)

Making it 6% would cover the cost of retirement pensions.

[–] anon6789@lemmy.world 16 points 4 weeks ago (1 children)

That would be amazing! No need for 2% to be the end goal instead of just a good start. A good government serves all its citizens, not just the ones with big bank accounts.

[–] FlyingSquid@lemmy.world 13 points 4 weeks ago

And I would suggest that by starting at 2%, it will be easier to get to 6% later, whereas if you try to start at 6%, you may get too much opposition.

[–] killingspark 21 points 4 weeks ago

It's a first step. One thing this will (hopefully) provide is more accurate data on exactly how much wealth is being hoarded. The current data is being assumed to be underestimating the actual numbers

[–] Saleh 14 points 4 weeks ago* (last edited 4 weeks ago) (1 children)

For a wealth tax that is quite substantial.

Every year paying 2% on the wealth above the threshold means you have to make at least 2% ROI on these assets to stay neutral with the money. That also means there is more of an interest to actually invest the money in economic activity, rather than buy assets that just appreciate price, while being tucked away in some warehouses.

[–] atro_city@fedia.io 3 points 4 weeks ago

Every year paying 2% on the wealth above the threshold means you have to make at least 2% ROI on these assets to stay neutral with the money

2% is nothing mate. Nothing. The wealth of the rich grew by 30% during COVID IIRC. Housing prices dropped in some places but only marginally and went right back up. It wouldn't surprise me if financial assets / instruments were not included in this bill either. The rich have been getting richer at rates way past inflation and I think by now it's common knowledge that it doesn't happen with income and nearly everything but.

Again, 2% is a starter, but still a joke. Most of their assets can still sit there and accumulate value at rates that easily surpass inflation.

[–] solrize@lemmy.world 8 points 4 weeks ago

It's a wealth tax and not an income tax? Interesting. Is it annual, or just once, or what?

[–] slaacaa@lemmy.world 2 points 4 weeks ago

I think smg like this in most countries would make a lot of difference. It’s a start