Vooruit pushes 'millionaires' tax' again, but allies resist: 'A publicity stunt for May 1st'

Vooruit, the Flemish socialist party, has once again put forward its proposal for a "millionaires' tax" during the current budget negotiations. This initiative, which aims to generate an additional billion euros annually by taxing the financial assets of the wealthiest, was previously rejected by coalition partners. The party suggests a progressive annual contribution on total financial assets, starting at 0.3% for fortunes over 1 million euros, increasing to 0.45% for those over 2 million, and 0.6% for assets exceeding 3 million euros. This proposal targets approximately 150,000 taxpayers.

The federal government faces the challenge of finding between 4 and 5 billion euros during upcoming summer budget talks. The coalition partners – N-VA, MR, Les Engagés, Vooruit, and CD & V – are under pressure to deepen austerity measures, mindful of potential electoral consequences in 2029.

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This tax on millionaires, as proposed by Vooruit, brings practically nothing to the budget. This proposal seems to me above all to be a publicity stunt by the socialists for May 1st, nothing more.

However, Vooruit's maximalist stance appears unlikely to succeed. Sources within the CD & V party dismiss the proposal as a mere publicity stunt for May Day, arguing it offers minimal budgetary benefit. The MR party has declared outright opposition, with a senior official vowing to block the idea at all costs, recalling a previous commitment by MR leader Georges-Louis Bouchez to avoid any further tax increases during the government's term. Les Engagés express skepticism, though with more nuance, indicating that the Arizona coalition's discussions are complex and that Vooruit's proposal may not gain traction.

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There will be no more taxes until the end of this government's term.