Will billionaires kill France’s proposed wealth tax?

France’s tottering government is stuck in a hard place. Premier Sébastien Lecornu, in office only a few weeks, needs the backing of the country’s Socialist party to stay in office. But the party is demanding a new wealth tax on the country’s wealthiest citizens — and the rich are striking back.

The proposal would impose a 2% annual tax on the country’s biggest earners, “including their companies, shares of companies and unrealized gains,” said Financial Times . France’s billionaire class says that is “insane.” A wealth tax “is deadly for our economy,” said Bernard Arnault, chief executive of LVMH and one of the wealthiest people in the world. But advocates say the tax would reduce the need for unpopular spending cuts and “ensure the rich pay their fair share,” said FT.

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