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French Lawmakers Reject Windfall Tax Profit in Close Vote

France's Economy Minister Bruno Le Maire addresses the National Assembly in Paris, on July 1.
France's Economy Minister Bruno Le Maire addresses the National Assembly in Paris, on July 1.

Photographer: Christophe Archambault/AFP/Getty Images

France’s National Assembly rejected a tax on windfall profits on Saturday in a close vote, as pressure mounts to tax energy and transport companies that have benefited from rising prices.

As they were discussing an update of the finance bill for this year, 114 members of the lower house rejected amendments that would have set up an exceptional tax on so-called “superprofits” from companies such as TotalEnergies SE, Engie SA and shipper CMA CGM SA. The tax was proposed by the left, and backed by 96 MPs, including one who belongs to Emmanuel Macron’s coalition. Some deputies from Macron’s party have advocated for such a tax, but abstained during the vote.