French Parliament's Wealth Tax Demand Puts Austerity Budget at Risk

A swing group in the French Parliament threatens to reject the 2026 budget unless it includes a wealth tax, jeopardizing Prime Minister Sebastien Lecornus austerity plans.

• On Friday, a pivotal group in the French Parliament demanded a wealth tax on the supremely wealthy, threatening Prime Minister Sebastien Lecornus austerity budget if unmet.
• Prime Minister Sebastien Lecornu aims to pass an austerity budget by year-end, following the downfall of his predecessors over similar cost-cutting measures in France.
• Earlier this month, Lecornu suspended a contentious pensions reform in hopes of garnering support from the Socialist Party (France) to ensure parliamentary confidence.