“At this stage, no effect has been identified on the investment, neither after 2013 (reform of the taxation of dividends), nor after the reform of 2018”, announced Cédric Audenis, deputy commissioner general at France Stratégie, who led this assessment.
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The “runoff” is not yet visible. The abolition of the wealth tax (ISF) and the introduction of the “flat tax” on capital income have not yet resulted in measurable positive effects on the economy, according to a report published on Thursday 14 October .
According to this idea of ”runoff”, replacing the wealth tax by a tax on real estate wealth only (IFI), and setting up a single flat-rate levy on capital income (PFU or “flat tax”) would make it possible to reduce the taxes paid by the wealthiest taxpayers, in order to encourage them to invest in the economy.
For the time being, the evaluation committee set up to study the effects of this reform, under the aegis of France Strategy, has not concluded in this direction. Even if its results are only partial, “at this stage no effect has been identified on the investment, nor after 2013 (reform of the taxation of dividends), nor after the 2018 reform “, announced Cédric Audenis, deputy commissioner general at France Stratégie.
The committee recognizes that household financial investment flows have increased sharply, as has corporate equity financing flows. Nevertheless, “The observation of the major economic variables – growth, investment, flows of household financial investments, etc. – before and after the reforms is not sufficient to conclude on the real effect of these reforms”, he develops.
“There is still a lack of temporal hindsight to assess this type of effect”, who “take time to materialize”, nuance with AFP Bercy, recalling that the report is based on data from 2018 and 2019.
The report also confirms that the departures abroad of wealthy taxpayers have decreased and that returns have increased, although this concerns “small numbers”.