France’s Left-Wing Coalition Reveals Plan To Introduce 90 Percent Tax On Annual Income Over €400,000

French newly-elected Member of Parliament (MP) for the La France Insoumise (LFI) party of the leftist coalition “Nouveau Front Populaire” (New Popular Front – NFP) Sebastien Delogu (R) speaks to newly-elected Members of Parliament (MP) gathered at France’s National Assembly in Paris on July 9, 2024, following the second round of France’s legislative election. (Photo by ALAIN JOCARD / AFP)

After securing the majority of seats in Sunday’s election, the newly formed left-wing government in France has revealed plans to impose a ninety percent tax on its “wealthier” citizens.

The left-wing coalition known as the New Popular Front (NPF) shocked French politics this past weekend when it defeated both Emmanuel Macron’s Ensemble party and Marine Le Pen’s far-right National Rally.

Though the NPF secured the most seats (182), it was unable to secure a majority and will now soon face Macron.

The leaders of the NPF convened on Monday to decide who would be the nominee for head of their proposed new administration.

“We are preparing to govern, to apply the programmed which is ours,” said Manuel Bompard, coordinator of the France Unbowed party.

According to this plan, the retirement age will be lowered from 64-years-old to 60-years-old, and an annual income tax rate of 90% will apply to those earning over €400,000. €400,000 equates to approximately $432,736 U.S. dollars, according to Google’s money converter tool.

In addition, the NPF has pledged to spend a minimum of €150 billion over the next three years and has called for a minimum raise of 14%.

After the unexpected results on Sunday, Macron’s prime minister, Gabriel Attal, resigned, but the French president asked him to continue in an acting capacity right away.

However, according to Bompard, Attal, 35, would be going against the wishes of the French people if he stayed in his position.

“There is no question of Gabriel Attal’s continuation [as prime minister] wiping out the vote of French people,” he said, calling on Macron to “respect” the end result.

Meanwhile, Macron’s Ensemble supporters denied that the NPF won on Sunday.

“No one won,” stated Gérald Darmanin, the interior minister.

Le Pen, the leader of the National Rally, has maintained that her party’s victory was “only delayed” despite finishing third in Sunday’s election. Macron’s stance was likewise deemed “untenable” by her.

“We’ve been thrown into the arms of the extreme left and of Jean-Luc Melenchon,” said Jordan Bardella, the president of the National Rally.

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