France Proposes Taxing the Rich to Fund Military Buildup
Facing growing European security threats and US disengagement, President Macron advocates for increased European defense spending exceeding 3% of GDP. France’s current €413 billion military planning law (2024-2030) is deemed insufficient, prompting exploration of alternative funding mechanisms, including private sector involvement. However, utilizing the popular Livret A savings account for defense is rejected. The challenge lies in balancing increased defense expenditure with France’s significant national debt and the recently passed budget’s austerity measures.
John Q. Hosedrinker