The French left will have to understand that there must be a return on capital

An often-heard argument from the French left nowadays is that: The wealth tax (solidarity tax on wealth , ISF ) must be restored; The 30% flat tax on capital income must be cancelled; The level of dividends paid is too high. However, after the reforms introduced over the past two years, the taxation of capital in France is returning more or less to the level of other OECD countries, after being far higher: before these reforms, the tax on dividends was ridiculously high, close to 100%. In an environment where the variability of share prices is very high, the dividend yield provides a risk premium of 2.5% in France, which cannot be considered excessive. So it does not seem easy to justify a lower return on capital (higher taxation, lower dividends), all the more as it would discourage residents from owning French companies.