France's National Assembly on Friday approved an amendment to the government's 2025 belt-tightening budget bill that would hit the country's wealthiest individuals with a billionaires tax.
The Zucman amendment, sponsored by leftist lawmakers and inspired by French economist Gabriel Zucman who advocates a global billionaires tax, would impose a 2 per cent levy on those with fortunes in excess of 1 billion euros.
The proposed tax, which leftist lawmakers say could raise an estimated 13 billion euros in extra revenue, is still far from being implemented, however, as amendments to the 2025 budget bills must also be cleared by the Senate.
Budget talks are expected to last until December.
The government's 2025 budget plan, unveiled earlier this month is aimed at plugging a gaping hole in the public finances with 60 billion euros worth of tax hikes and spending cuts.
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