"A debt is still being reimbursed", hammered this Tuesday in our columns Pierre Moscovici, the new president of the Court of Auditors. Before even addressing this message, the former finance minister of François Hollande had apparently been heard by the senior officials of his former house ... Bercy is working on a mechanism to reduce the debt burden, while the tricolor slate has increased with the Covid-19 crisis - around 120% of GDP. Only levels exceeded during the two world conflicts of the 20th century.
The idea is simple. The Ministry of Finance is working to "isolate" 150 billion euros of "Covid debt" in a separate structure, according to information from Les Echos. "The idea is to distinguish the debt that existed previously, around 100% of GDP, from the debt created by an extraordinary event," we confirm to the ministry. "Rather than a big abyss of debt, Bercy wants a big hole, with a little hole next to it," retorts a heavyweight of the Finance Committee.
A new tax that doesn't say its name?
Once the “Covid debt” has been isolated, it is time for dedicated processing. An extension of the Contribution to the reimbursement of the social debt (CRDS) until 2042 is envisaged for the reimbursement. To tell the truth, the government already used the same mechanism a few weeks ago ... In May, the government had chosen to transfer 136 billion euros of debt in Cades, the body responsible for filling the hole in the social security fund. The CRDS, supposed to disappear in 2024, had been suddenly extended until 2033. And now, its lease could be extended 18 years more! If the solution materializes, it could be included in the Budget for 2021, presented next fall.
“The CRDS hits all revenues up to 0.5%. It therefore applies to interest and dividends, of course, but also to the incomes of low-income households, regrets Émilie Cariou, ex-LREM leader of the Finance Committee, member of the Ecology Democracy Solidarity (EDS) group. We ask that other available resources be used, particularly those of very large companies. "
The solution also throttles those who see it as additional tax, while the government repeats that it will not touch tax leverage.
"An attack in order on the accounts of the Safely"
In Bercy, there is no question of leaving room for controversy: "This is not a new tax, insists a relative of Bruno Le Maire. This extension in time is painless compared to the taxes that the French pay today, where the CRDS is integrated. And our compatriots prefer constant taxation rather than a special Covid tax. "
Besides this quarrel over the penknife - or not - in the fiscal stability contract, others worry about the effects of the measure for the hospital. "This is a terrible project, tackle Aurélien Taché, deputy (EDS), former member of the Social Affairs committee. It was an attack in good standing by Bercy on the Safely, with an outright transfer of debts from the State to the Social Security funds. This political choice seems to me to be in complete contradiction with that of strengthening our health system. "
“It pays me” newsletter
The newsletter that improves your purchasing powerI'm registering
Your email address is collected by Le Parisien to allow you to receive our news and commercial offers. Find out more
Another avenue - less advanced - would be to use a fraction of the existing VAT to pay this exceptional debt.
