The French Socialist Party which holds a swing position in the hung parliament has threatened to trigger a no-confidence motion on Monday.
They insist the minority government must commit to “fiscal justice” which includes a new tax on the super-rich.
The so-called “Zucman tax” entails a 2-percent annual levy on fortunes above €100 million.
Socialist Party leader Olivier Faure warns that if the tax is not in the 2026 State budget, his party will vote against the government.
Speaking at the National Assembly in Paris, Prime Minister Sebastien Lecornu acknowledged that the budget presented by the government is imperfect but he asked members to "not compromise the future of the country.”
He promised to cut the deficit by point-four percent year-over-year from the current 5.4, and said it “must return to below 5-percent next year."
He also pointed to a bill combatting tax and social security fraud so the State can “recover money from those who commit fraud or abuse."
For military spending, Lecornu proposed hiking the budget by 6.7 billion euros to “guarantee peace for ourselves and our continent”
Since last year’s legislative election produced a fractured assembly, President Emmanuel Macron’s administration survived through manoeuvres and concessions—lacking a stable base.
The Socialists’ threat to topple the government proves how fragile today’s French executive arm is.
While the party’s proposed tax on billionaires could help the French economy, Macron’s centrist coalition worries about the economic implications of scaring off high-net-worth individuals and investment.
Many high-profile billionaires have already threatened to leave France if the Zucman tax becomes a reality.
This may seem like an internal French drama, but the implications extend beyond the country’s borders.
A government collapse or a deeply weakened one, would undermine France’s ability to lead EU initiatives, from defence to climate to economic reform.
As for Investor confidence & markets, the country already faces pressure with its credit rating.
The examination of the revenue portion of the budget starts today in the National Assembly chamber.
Pakistan says it has killed 26 militants in strikes on terrorist hideouts along the Afghan border, marking the most significant escalation between the...
Canada’s Privacy Commissioner has found that xAI’s Grok chatbot and its parent company X Corp. violated federal privacy law by launching an AI ima...
China's foreign ministry announced on Thursday that it had imposed sanctions on Philippine Defence Secretary Gilberto Teodoro and his immediate family...
The United States launched overnight strikes on military targets across Iran, as President Donald Trump warns of further attacks unless a peace deal i...
Conditions of a climate pattern El Niño have officially developed and are expected to strengthen through the Northern Hemisphere winter of 2026-27,...
Canada’s Privacy Commissioner has found that xAI’s Grok chatbot and its parent company X Corp. violated federal privacy law by launching an AI image-generation tool without adequate safeguards, enabling the creation and distribution of non-consensual sexualised deepfakes.
China's foreign ministry announced on Thursday that it had imposed sanctions on Philippine Defence Secretary Gilberto Teodoro and his immediate family, accusing him of repeatedly making remarks that undermined China's "legitimate interests" and bilateral relations.
The United States launched overnight strikes on military targets across Iran, as President Donald Trump warns of further attacks unless a peace deal is reached. Iran responded by targeting U.S. bases in the Gulf and announced the closure of the Strait of Hormuz.
Conditions of a climate pattern El Niño have officially developed and are expected to strengthen through the Northern Hemisphere winter of 2026-27, according to the U.S. Climate Prediction Center. The forecast raises concerns of extreme weather, agricultural issues and record global temperatures.
Mexico and South Africa meet in Thursday’s World Cup opener in Mexico City, with both teams approaching the match from very different positions but facing their own pressures.
Azerbaijan's Foreign Ministry says 19 citizens have been repatriated following a deadly drone attack on two cargo ships in the Sea of Azov on 5 June.
The Pakistani city of Karachi is struggling under severe heat and humidity as the country enters a prolonged heatwave period. The Pakistan Meteorological Department (PMD) has warned of above-normal temperatures across much of the country between 7 and 12 June.
Ukraine's military said it struck a Russian "shadow fleet" tanker in the Black Sea as part of ongoing efforts to disrupt Moscow's energy and logistics networks. The move underscores Kyiv's focus on targeting maritime assets it says are used to bypass sanctions on Russian oil exports.
U.S. forces say they have completed strikes on Iranian military sites near the Strait of Hormuz. Iran responded with missile attacks on an American base in Jordan, marking a sharp escalation in tensions between the two sides.
Fuel stations across the Russian-occupied Crimean Peninsula ran dry on Thursday as Ukraine stepped up attacks on supply routes to the region.
Pakistan says it has killed 26 militants in strikes on terrorist hideouts along the Afghan border, marking the most significant escalation between the neighbouring countries since a China-brokered diplomatic effort helped ease tensions earlier this year.
Canada’s Privacy Commissioner has found that xAI’s Grok chatbot and its parent company X Corp. violated federal privacy law by launching an AI image-generation tool without adequate safeguards, enabling the creation and distribution of non-consensual sexualised deepfakes.
China's foreign ministry announced on Thursday that it had imposed sanctions on Philippine Defence Secretary Gilberto Teodoro and his immediate family, accusing him of repeatedly making remarks that undermined China's "legitimate interests" and bilateral relations.
Conditions of a climate pattern El Niño have officially developed and are expected to strengthen through the Northern Hemisphere winter of 2026-27, according to the U.S. Climate Prediction Center. The forecast raises concerns of extreme weather, agricultural issues and record global temperatures.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment