Déchiffrer 2027

FREN

Business taxation, Raphaël Glucksmann

Financial transaction tax: PS programme: global tax on financial transactions

Direction of change: increase, compared with current law.

The lever. Tax paid on purchases of shares in large listed French companies: rate, base (intraday transactions, derivatives), planned European tax. Direction rule: ↑ heavier taxation (higher rate or broader base).

« Financer l’aide publique au développement grâce à la justice fiscale, en luttant contre l’évasion fiscale via une imposition réelle des multinationales sur leurs lieux de profits et en instaurant une taxe mondiale sur les transactions financières dédiée à l’éducation et à la santé. »1

Translation by the editorsFund official development assistance through tax justice, by fighting tax evasion via genuine taxation of multinationals where they make their profits and by introducing a global tax on financial transactions dedicated to education and health.

Parti socialiste, « Le Projet socialiste », chapitre « Pacifier le monde » (adopté par les militants le 25 juin 2026), 25 June 2026. Position taken from a document of the candidate’s party or movement, not from a presidential 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.

Encoding

No cost-schedule parameter for this position: see the costing for the reason.

Costing

Announced by the candidate

not announced

The cited source does not cost this measure.

Published costings

none

No external costing of this position recorded to date.

Our calculation

not costed

Only source: the Projet socialiste, a Parti socialiste text adopted by its members on 25 June 2026, before the candidate was designated (primary of 11 October 2026). Neither his statements nor the texts of Place publique take up this text or this tax (check of 21 October 2026): a party's position is not that of its candidate, it is cited without being costed. Read as his position, it would not be costed either: a global tax, with no rate or base, whose proceeds would go to development aid, whereas the cost schedule parameter concerns the rate of the French tax.

Current law, sources and limits of the cost schedule

Current law. Financial transaction tax (General Tax Code, Art. 235 ter ZD): 0.4% of the amount of acquisitions of shares in French companies with a market capitalisation above €1bn (rate raised from 0.3% to 0.4% by the Finance Act for 2025); bonds and derivatives are not taxed. Yield: €2,526m in 2025, €2,888m forecast for 2026, €2,973m in the PLF 2027.

Horizon. Full year; abolition: current yield of the tax (static), PLF 2027 forecast as central value, revised forecast for 2026 as lower bound; rate: yield of an increase costed by the Senate in December 2024, for 2025.

Limits. Abolition is costed at its revenue. The rate parameter applies the only institutional costing of an increase read, that of the Senate finance committee for the move from 0.3% to 0.4% (€600m, in force since 2025), a primary source that replaces the coefficient previously calculated by the editors (average yield of 0.1 point at the current rate: €2,973m / 4 = €0.74bn, higher, not used); any value above 0.4% is a linear extrapolation, marked as such, which ignores the reaction of the volume of transactions. No administrative source costs an extension of the base (intraday transactions, derivatives). Authors' costing, not counted: a move to 0.5% would bring in about €1.5bn more according to its authors (Senate, amendment I-950 to the PLF 2025, calculated on the revenue forecast for 2023). The yield follows the volume and price of transactions; it is not updated to 2032.

  • PLF 2027, Évaluation des voies et moyens, tome I (pages 45 et 46), 2026-10: « La taxe sur les transactions financières s’applique aux acquisitions d’actions émises par les sociétés françaises dont la capitalisation boursière dépasse 1 milliard d’euros. Depuis la loi de finances pour 2025, son taux a été relevé à 0,4 % du montant total de la transaction. […] Les obligations et les produits dérivés ne sont pas soumis à la taxe. […] Les recettes se sont élevées à 2 526 M€ en 2025 […] La prévision s’établit à 2 888 M€ en 2026 […] La prévision s’établit à 2 973 M€ en 2027, soit une hausse de +85 M€ par rapport à 2026. »
  • Sénat, PLF 2025, amendement n° A-24 de la commission des finances (article 26 quater, adopté), 2024-12-01: « La recette supplémentaire résultant du passage de 0,3 % à 0,4 % du taux de la taxe est estimée à 600 millions d'euros. »
  • Sénat, PLF 2025, amendement n° I-950 (estimation de ses auteurs), 2024-11-20: « une telle augmentation permettrait à l'État de collecter environ 3,73 milliards d'euros, contre 2,24 milliards d'euros actuellement avec un taux de 0,3 %, soit une hausse annuelle de 1,5 milliard d'euros »

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. Parti socialiste, « Le Projet socialiste », chapitre « Pacifier le monde » (adopté par les militants le 25 juin 2026), 25 June 2026. Position taken from a document of the candidate’s party or movement, not from a presidential programme. Read the source (Parti socialiste, « Le Projet socialiste », chapitre « Pacifier le monde » (adopté par les militants le 25 juin 2026)).

Contest this encoding (prefilled email; procedure and deadlines)