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Business taxation, Raphaël Glucksmann

Windfall profits and share buybacks: Tax oil companies’ windfall profits to fund fuel aid

Direction of change: increase, compared with current law.

The lever. Taxation of the exceptional profits of certain companies and of companies' buybacks of their own shares. Direction rule: ↑ heavier taxation.

« financés par une taxation des superprofits […] Le gouvernement socialiste espagnol propose cette taxation des superprofits des multinationales fossiles. Le gouvernement conservateur allemand est d'accord. Et qui bloque ? C'est le gouvernement français […] Pourquoi la taxation des superprofits des multinationales du pétrole, c'est tabou ? »1

Translation by the editorsfunded by taxing windfall profits […] The Spanish socialist government is proposing this taxation of the windfall profits of fossil-fuel multinationals. The German conservative government agrees. And who is blocking it? It is the French government […] Why is taxing the windfall profits of oil multinationals taboo?

Words of Raphaël Glucksmann, franceinfo, entretien au « 8h30 franceinfo », propos cités entre guillemets, 21 September 2026. Position taken from public statements, not from a written programme.

No programme released. Positions taken from public statements, words of associates or documents of the candidate’s party, each dated and sourced; last recorded on 21 October 2026.

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Tax on the windfall profits of « multinationales fossiles » [“fossil-fuel multinationals”], with no base, rate or yield, which the candidate also wants adopted at European level: the cost schedule only costs making permanent the exceptional contribution on large companies' profits, a different tax. Place publique already planned in 2025 a « mécanisme automatique de taxation des superprofits des multinationales et des profiteurs de guerre » [“automatic mechanism for taxing the windfall profits of multinationals and war profiteers”] (« Acte un », p. 85), also with no parameters.

Current law, sources and limits of the cost schedule

Current law. Exceptional contribution on the profits of large companies (turnover > €1bn): €8bn forecast for 2025 and €7.5bn collected. Renewed in the LFI 2026 at a reduced level: €4bn in the PLF, €6bn according to the Senate, €7.3bn according to the OFCE. Tax on share buybacks (LFI 2025): €0.4bn in 2025, €0.2bn per year on a permanent basis.

Horizon. Full year; the surcharge is not in the law beyond 2026: making it permanent is a gain compared with current policies.

Limits. 2026 yield of the renewal: three sources diverge (€4bn / €6bn / €7.3bn). A « taxe sur les superprofits » (superprofits tax) on excess profit relative to an average requires a precise definition. No generic official costing. The tax on share buybacks is already in force. Tax on share buybacks at 33% (option, editors' calculation, 18 October 2026): the tax in force (8%, consolidated turnover above €1bn) raises €200m per year at steady state; at 33% on the same base, 0.2 × 33 / 8 = €0.83bn, i.e. €0.63bn more. A 33% rate would discourage buybacks: static costing, upper limit; extending the base to the acquisition value of the shares and to companies with turnover above €750m has no published base. 4% tax on dividends paid (option, editors' calculation, 18 October 2026): the 3% contribution on amounts distributed « a rapporté à l'État 1,8 milliard d'euros par an entre 2013 et 2017 » [“brought the State 1.8 billion euros per year between 2013 and 2017”] (question to the Government by Charles de Courson, National Assembly); at 4%, 1.8 × 4 / 3 = €2.4bn. Two biases in opposite directions: companies distributing less than €10m would pay 2% (counted as less), while SMEs exempt from the former contribution and the rise in dividends since 2017 are not counted (more). The 3% scheme was struck down (Conseil constitutionnel, 6 October 2017) and refunded (about €10bn); the legal compliance of a new tax is not assessed, as elsewhere in the cost schedule.

How to read these amounts. These are static costs and revenues, with no feedback effect, over a full year: nothing on growth, employment or the revenue that economic activity would gain or lose. A higher net cost does not on its own make a worse policy, nor net savings a better one: each programme rests on an economic model (demand-led stimulus, lower compulsory levies, consolidation of the public accounts…) that the cost schedule does not settle. GDP itself measures a volume of activity, not well-being or the usefulness of what is produced. Economic models and feedback effects.

This lever in the method · Costing for Raphaël Glucksmann

  1. franceinfo, entretien au « 8h30 franceinfo », propos cités entre guillemets, 21 September 2026. Words of Raphaël Glucksmann. Position taken from public statements, not from a written programme. Read the source (franceinfo, entretien au « 8h30 franceinfo », propos cités entre guillemets).

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