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> fyi taxing the 40 richest people in France 2% more would cover the same amount of money as having the entire active population work 2 more years. My back-of-

> fyi taxing the 40 richest people in France 2% more would cover the same amount of money as having the entire active population work 2 more years. My back-of-the-envelope calculations: Sum of wealth of top 40 richest people in France: 556 billion [1] Annual income of top 40 richest people in France, assuming 10% growth of wealth: 56 billion 2% additional tax on that income: 1 billion Size of active working population of France: 40.8 million [2] Size of about-to-retire population: 1 million (guess based on [3]) Annual pension cost per retiree: 18000 [4] Direct pension savings by delaying retirement by 1 year: 18 billion [1] https://en.wikipedia.org/wiki/List_of_French_billionaires_by_net_worth https://en.wikipedia.org/wiki/List_of_French_billionaires_by... [2] https://fred.stlouisfed.org/series/LFWA64TTFRQ647N https://fred.stlouisfed.org/series/LFWA64TTFRQ647N [3] https://www.statista.com/statistics/464032/distribution-population-age-group-france/ https://www.statista.com/statistics/464032/distribution-popu... [4] https://www.connexionfrance.com/article/Practical/Everyday-Life/When-do-French-people-really-retire-and-what-is-the-average-pension https://www.connexionfrance.com/article/Practical/Everyday-L...

lm28469 4y ago
Feel free to contact oxfam: https://www.oxfamfrance.org/rapports/nouveau-rapport-la-loi-du-plus-riche/ https://www.oxfamfrance.org/rapports/nouveau-rapport-la-loi-...
- HideousKojima 4y ago
  Where in your link does it say taxing the ultra wealthy would be enough to cover the pension shortfall? I'll give you a hint: nowhere.
  - lm28469 4y ago
    > Oxfam France a calculé que seulement 2% de la fortune des milliardaires français suffirait à financer le déficit attendu des retraites.
    - danaris 4y ago
      I suspect the disconnect, then, is that the statement you quote appears to be referring to a tax on wealth, not income. Moving the 2% to that puts it in the right order of magnitude; at that point, the discrepancy is likely to be in the guess of the retiring population size.
    - dahfizz 4y ago
      You claimed: > taxing the 40 richest people in France 2% more... That quote is about a 2% wealth tax.
incrudible 4y ago
I think the idea is to tax the wealth, not the income on it, which at 10% would be well above the yields of pretty much any asset.
sam_lowry_ 4y ago
This is what? Personal wealth? But wealth in France is rarely personal. It is rather distributed over controlling shares of private businesses and foundations, board seats and god knows what. The richest family of France counts at least 700 members and most of these people run businesses from retail to mobile apps to media. The French are no stupid. The state can not easily extort money from the likes of Mulliez, but it should try harder, not seek easy money from the working class.
marcusverus 4y ago
> Annual income of top 40 richest people in France, assuming 10% growth of wealth: 56 billion Unrealized capital gains aren't "income". Are the words "wealth tax" scary or something?

lm28469 4y ago

Feel free to contact oxfam: https://www.oxfamfrance.org/rapports/nouveau-rapport-la-loi-du-plus-riche/ https://www.oxfamfrance.org/rapports/nouveau-rapport-la-loi-...

HideousKojima 4y ago
Where in your link does it say taxing the ultra wealthy would be enough to cover the pension shortfall? I'll give you a hint: nowhere.
- lm28469 4y ago
  > Oxfam France a calculé que seulement 2% de la fortune des milliardaires français suffirait à financer le déficit attendu des retraites.
  - danaris 4y ago
    I suspect the disconnect, then, is that the statement you quote appears to be referring to a tax on wealth, not income. Moving the 2% to that puts it in the right order of magnitude; at that point, the discrepancy is likely to be in the guess of the retiring population size.
  - dahfizz 4y ago
    You claimed: > taxing the 40 richest people in France 2% more... That quote is about a 2% wealth tax.

incrudible 4y ago

I think the idea is to tax the wealth, not the income on it, which at 10% would be well above the yields of pretty much any asset.

sam_lowry_ 4y ago

This is what? Personal wealth? But wealth in France is rarely personal. It is rather distributed over controlling shares of private businesses and foundations, board seats and god knows what. The richest family of France counts at least 700 members and most of these people run businesses from retail to mobile apps to media. The French are no stupid. The state can not easily extort money from the likes of Mulliez, but it should try harder, not seek easy money from the working class.

marcusverus 4y ago

> Annual income of top 40 richest people in France, assuming 10% growth of wealth: 56 billion Unrealized capital gains aren't "income". Are the words "wealth tax" scary or something?