Taxes: are you one of the “richest” that the French want to pay?
While some French people are consolidating credits in order to rebalance their budget, others are thinking about solutions that could straighten out the public accounts. This is what Agipi, Challenges and BFM Business analyze in their latest survey reported in the October 2024 economic barometer published by Odoxa.
The French worried
In October, the economic morale of the French improved by three points compared to September after the appointment of the government. Indeed, last month only 20% of French people were confident on this subject. Today, they are 23%. But, 77% of them say “defiant” concerning the future of the economic situation in France, according to the study.
In order to reduce the country’s public deficit, the French are considering several solutions. First of all, 56% of those surveyed propose increasing business taxes, 54% to reduce social assistance and 51% to reduce the number of civil servants. But the idea that comes up the most is to tax the richest. Indeed, eight out of ten survey respondents want taxes to be increased on the richest French people. On the other hand, the French are hostile to any idea of increasing taxes for the entire population. In fact, precisely 88% are opposed to it, among all the people who responded to the survey.
Tax the richest more?
On average, the French consider a person to be rich if they earn at least €5,000 net per month and that she has assets greater than or equal to €500,000. This is the median level at which the French have placed wealth for around ten years. Only 22% of people who responded to the survey placed wealth above €10,000 per month.
To tax the wealthiest, 36% of respondents propose increasing their income taxes. They are also considering other solutions such as increasing the single flat-rate levy (PFU), known as Flat Tax, on businesses, or creating a new wealth tax that is broader than the current IFI (real estate wealth tax). Conversely, the increase in inheritance tax for the largest assets is the least popular measure. In fact, only 7% of survey respondents favor this solution.
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