Norway’s Prime Minister Jens Stoltenberg is making taxing the rich a focal point as he tries to overcome a deficit in the opinion polls seven months before elections in western Europe’s biggest oil producer.
The French Cabinet agreed to cut a tax on the wealthy and scrap a tax ceiling for individuals, tackling a politically sensitive fiscal issue a year ahead of national elections.
France’s one-time rise in its wealth tax must remain temporary because it isn’t capped, the country’s constitutional court said on Aug. 9.
Indebted euro-area countries should implement wealth taxes as a way to generate funds to offset future bailouts, an economic adviser to German Chancellor Angela Merkel told Der Spiegel magazine.
The French government will not include art works in its wealth tax, the prime minister and budget minister said in separate interviews today.
France’s wealth tax should include artworks, Christian Eckert, the National Assembly’s rapporteur on budget affairs, said in an interview in Les Echos.
French economist Thomas Piketty said that his recommendation for a global levy on financial assets to counter rising inequality shouldn’t result in an overall increase in taxation.