France investigates billionaire wealth amid tax debate

A report from the French Senate revealed that the state lacks an accurate understanding of the wealth held by the richest households, following the abolition of the wealth solidarity tax in 2017, which led to a reduced contribution of the wealthy to the tax system. The report uncovered that many rich individuals employ strategies such as retaining profits within companies to minimize taxes, and that 13,000 households paid zero income tax in 2024 despite their substantial wealth. Among them are 38 families from the richest 0.1%, each owning more than 71 million euros, without paying any income tax. The report recommended conducting regular surveys and improving monitoring methods to more accurately uncover wealth, ensuring a greater contribution from the wealthy to taxes.

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