France proposes a "billionaire tax" but it has a long way to go

The Jinshi data on October 25th reported that the French National Assembly on Friday approved an amendment to the government's 2025 austerity budget bill, which will levy a "billionaire tax" on France's richest people: the amendment will levy a 2% tax on individuals with wealth exceeding 1 billion euros. However, the proposed tax is still far from being implemented, as the amendment to the 2025 budget bill must also be approved by the Senate. Budget negotiations are expected to continue until December. Left-wing MPs said the tax is expected to generate approximately 13 billion euros in additional revenue.