Recently, Jean-luc Mélenchon Said He Wanted to Cancel Part of France's Debt, Drawing the Government's Ire

Former French Economy Minister Bruno Le Maire said Wednesday he supports taxing the country's wealthiest individuals, calling for a contribution from "the biggest fortunes" to help fix France's deteriorating public finances. Speaking on BFM-TV, Le Maire, who served as economy minister from 2017 to 2024 under President Emmanuel Macron, said the revenue raised could fund "new emergency services in hospitals" or help renovate school buildings. "I have never been a socialist and I have no intention of becoming one, but I think it is very important that we ask the biggest fortunes for a contribution, Le Maire said.

With Parliament set to vote on the budget in coming weeks, Le Maire was asked about possible ways to address the country's debt." He argued the only "emergency brake available to the government" to "avoid driving straight into the wall (…) while honking the horn" would be to de-index welfare benefits, the income tax scale and retirement pensions from inflation, in order to quickly reduce the deficit. Such shared efforts would give "the impression that the whole nation has understood the gravity of the moment, Le Maire said, while also criticizing the level of inheritance taxes paid by taxpayers. "The middle classes pay too much in inheritance tax.

(…) We need justice for all those who work, who labor, and who can't take it anymore. (…) At the time of inheritance, they are asked for an even greater effort [than others]. The remarks reignite debate over taxing the wealthy at a time when France's key economic indicators — public debt, unemployment, growth — are deteriorating, and as Prime Minister Sébastien Lecornu's government says it is ready to maintain taxes on large companies to contain a record deficit.

At the end of March, public debt reached 117.5% of gross domestic product, according to Insee. Recently, Jean-Luc Mélenchon said he wanted to cancel part of France's debt, drawing the government's ire. Burning the debt means leaving Europe, Le Maire responded, adding that he is not a candidate in the presidential election.