France's far-left NFP proposes 90% tax on the rich after securing most seats in election

France's New Popular Front (NFP) has released its economic agenda after securing the most seats in parliament on Sunday, which includes a 90 percent income tax on citizens with an annual income above €400,000, as reported by Sky News.

This comes after the NFP, France's far-left political wing, gained more seats than Marine Le Pen's right-wing National Rally (NR) and President Macron's Ensemble Alliance in an upset snap election after the NR's stunning victory in June.

While the leftist alliance won the most seats, it was unable to secure a majority in the National Assembly, France's lower chamber of parliament, which requires 289 seats to maintain control. The NFP picked up 182 seats, President Macron's party came in second and the NR came in third.

The NFP released a set of ideas it will propose and called on Macron to appoint a member of the NFP as prime minister.

"The president must appoint as prime minister someone from the New Popular Front to implement the NFP's programme, the whole programme and nothing but the programme," said Manuel Bompard, a member of the NFP's far-left Unbowed party.

The programme includes, according to a memo obtained by Sky News: Raising the minimum wage; price controls on essential foods, electricity, gas, and petrol; lowering the retirement age to 60, a new 90 percent tax on any annual income above €400,000, and heavy investment in green transition and public services.

It is uncertain whether the NFP will negotiate a majority with other parties or whether the more moderate factions of the coalition will fragment to form an agreement with centrists.

Analysts said it's possible President Macron, who initiated the snap election to prevent the right-wing party from coming into power, may negotiate an agreement with more moderate factions of the NFP. Macron has declined to collaborate with France Unbowed. However, he may extend an invitation to other parties within the NFP, including the Greens and the Socialists, as per Sky News.

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