French Budget Minister Eric Woerth has vehemently defended the idea of levying a social tax on capital gains derived from movable assets (stocks and shares), and from real estate, in a bid to reduce the rising Social Security deficit.
Imposing a tax on movable assets is one avenue currently being explored, the Minister confirmed recently.
At present in France, tax is only levied on capital gains derived from the sale of shares when the sum exceeds EUR25,000.
According to the Minister, however, all forms of income should be subject to social contributions, not just income from employment.
The Minister is hoping to include the proposal within the framework of the 2010 Social Security budget, and is eager to determine a threshold and rate for the proposed new tax. He also confirmed that hospital fees are set to rise, although he has, as yet, not confirmed what the new figure will be. He has, however, ruled out any increase in the general social charge before 2012.
The Social Security deficit is forecast to reach in the region of EUR20bn this year, and around EUR30bn in 2010.
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