French President Nicolas Sarkozy is planning to impose an additional tax on investment income in order to fund projects designed to help the unemployed move back into work.
According to a report in the financial daily Les Echos, Sarkozy will officially announce on Thursday his proposal for a 1% tax on revenue from real estate and other investments, such as dividends, a levy he has named 'active solidarity revenue' (RSA). The tax is expected to raise EUR1.4bn and will fund a major part of the social programme.
This new levy would be paid in addition to existing investment taxes, the paper reported.
Under the current system, some unemployed people are reluctant to take jobs because they fear they will be less well off than on benefits. Sarkozy's plan would provide additional money to those prepared to take low paid jobs.
The RSA has already been trialed in parts of France, and it is expected that the government will roll out the tax natioanlly in 2009.
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