The annual deficit of the French state has reached 43.8 billion euros, while the public debt continues to grow at a frantic pace: 5,000 euros per second. A worrying dynamic that François Bayrou, Prime Minister, was keen to highlight on Tuesday 15 July during a solemn speech. He warns: "In 2029, if we don't change anything, the repayment of the debt will weigh for 100 billion euros on the state budget", i.e. the first item of public spending! In this context, the most publicized announcement concerns the abolition of two public holidays, presented as an economic lever. But beyond its direct impact, this measure raises questions. Is this a real reform or a strategic diversion? Many observers see this as a communication tactic: focusing attention on a strong symbol to better accept other more technical, but potentially more structuring, reforms.

Thus, Finankap looked at the first budget guidelines under the wealth management focus, in order to anticipate their effects on asset management and optimization strategies.

Freezing of scales: the "famous white year":

No revaluation of the brackets will be provided for the income tax scale and the thresholds and limits associated with it. In concrete terms, this means that in the event of a salary increase, you could be taxed more, even if your real purchasing power does not increase in the event of inflation. A silent but significant measure.

Pensioners: an allowance replaced by a lump sum:

To continue on the tax side, the current 10% allowance on retirement pensions would be replaced by a lump sum of 2,000 euros. As a result, pensioners earning less than €20,000 per year would be at an advantage, while those above this threshold would see their taxes increase.

A solidarity contribution targeting the wealthiest: between a tax fairness measure and a measure on tax niches:

The government wants to hunt down useless, inefficient tax loopholes and measures that are coming to an end. In addition, a special effort would be required of those who have the capacity to contribute more, with a solidarity contribution on the highest incomes and the adoption of additional measures to combat the abusive optimisation of non-productive assets. We already know the differential contribution on high incomes adopted with the 2025 finance law, and it remains to be seen whether it will be extended or modified with this parliamentary strategy.

In this changing context, we, wealth management professionals, are vigilantly examining the signals sent by the government. The objective is to anticipate the consequences on investment strategies, asset structures (holding companies, civil companies, etc.) and the relevance of future choices. 2026 is shaping up to be a pivotal year, where budgetary austerity could profoundly reshape the French tax landscape. In this paradigm, do not hesitate to get in touch with the advisors of our firm for tailor-made support designed to be resilient.

In a changing world, Finankap Conseil is here to bring your desires to life.