Energy companies, highways, share buybacks... These “rents” that Gabriel Attal is tempted to tax
Gabriel Attal has so far only drawn a red line around “working French people” and “their savings”.
Like Mr. Jourdain who wrote prose without knowing it, it would seem that the government is led to increase taxes without wanting to. At Bercy, however, the line is still as clear as ever. This Tuesday, Bruno Le Maire himself took up his pen in Les Échos to repeat for the umpteenth time: “We will not increase taxes”. But, in the same breath, he indicates that he is “disposed” to “tighten” the contribution on the rents of energy companies - also called Crim (contribution on infra-marginal rents) or, more prosaically, tax on the superprofits of energy companies.
This declaration, which is in no way an announcement, echoes the declarations of the Prime Minister who announced that he wanted to create a parliamentary "task force" in order to come up with proposals "on the taxation of annuities", by the end June. “Proposals to toughen the Crime, a tax which does not provide the expected return, will be at the heart of the discussions,” indicates a deputy from the majority who will take part. In fact, this tax only brought in 300 million euros in 2023, or ten times less than what was planned and anticipated”, which is “not acceptable”, deplores Bruno Le Maire. The majority will be able to rely on the work already provided by Jean-René Cazeneuve, general budget rapporteur and charged by the Prime Minister with leading this mission. During the examination of the 2024 Budget, it had, in fact, proposed amendments around this tax. The most controversial proposal - which aimed to extend the CRIM for refiners by one year - had been rejected. But, as part of the ongoing discussions, this could well resurface. Even if, at the end of 2023, Patrick Pouyanné informed the government that any new tax would lead Total to reconsider its commitment to capping the price of a liter of fuel at 1.99 euros.
A first meeting this Thursday
Beyond the Crime, parliamentarians could be tempted to toughen or resuscitate other “anti-rent” Macronist taxes, such as the one implemented this year on highways or, even, the ephemeral tax on biological laboratories after Covid, cited as an example this Tuesday by the Prime Minister. In addition to strengthening these taxes which have already been put in place, the proposals could also move towards the creation of a tax already mentioned by the president himself: the famous tax on share buybacks. “This can also be part of the rent-seeking logic against which we must act,” argues an MP.
When it comes to completely new ideas, however, the majority seem more timid. The working group aims to seek out “rents” or “undue profits linked to speculation in the context of inflation”, outlined Gabriel Attal this Wednesday during questions to the government, without going into details. . When questioned, Bercy did not wish to detail the sectors where some of these taxable income could be found. “Everyone can make proposals but while respecting support for supply-side policy, nothing must harm competitiveness,” explains the Ministry of the Economy. In terms of measures rejected in advance, Matignon indicated that the Livret A and life insurance were already excluded from the framework of the discussion. “We will never attack French people who work” or “the fruit of their savings”, insisted Gabriel Attal in the hemicycle. Some Renaissance deputies murmur that this mission should not lead to taxation that would affect individuals. If they cannot yet say it openly, it is because officially the mission has not yet started. “We will meet with Jean-Paul Mattei (Modem), Nadia Hai (Renaissance) and a representative of Horizon tomorrow in Matignon,” Jean-René Cazeneuve announced this Wednesday. During this exchange we will set the framework.”
“Channeling reflection”
If this “framework” remains vague for the moment, it is perhaps because the creation of this “task force” responds as much to political imperatives as to budgetary imperatives. “One of the objectives of the mission is also to channel reflection on tax increases,” explains a heavyweight in the majority. We want to avoid overbidding in all directions and work internally, in unison, instead of having a public debate where everyone has their own idea.” A remark which targets the media “outings” of certain members of the majority, such as those of the President of the National Assembly Yaël Braun-Pivet who, at the end of last month, said she was in favor of a “reflection” on the taxation of superdividends. On budgetary issues, Gabriel Attal also made things clear at the start of the week