French Government Faces Setback as Assembly Votes to Make High-Income Surtax Permanent

The Assembly's decision challenges the government's plan for a temporary tax, raising political tensions over fiscal policy.

• The French Assembly voted to make a surtax on high incomes permanent, defying the government's intention for it to be temporary.
• The surtax targets individuals earning over €250,000 and couples earning over €500,000 annually, aiming to generate €2 billion in 2025.
• This decision was driven by left-wing parties and the MoDem, highlighting divisions within the government's coalition.
• The government may consider using Article 49.3 to push through its original budget plan without a vote, amid fears of fiscal instability.
• Separately, the government's plan to adjust employer contributions faced opposition, with concerns about increased labor costs.

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