The French ultra-left coalition wants to impose a 90 % tax on the rich

The New Popular Front (NFP), the ultra-left formation that emerged as the leading political force in France's legislative elections, wants to impose a radical economic program ranging from raising the minimum wage to imposing a 90% tax on the richest.

Shortly after the NFP was formed in June, the ultra-left coalition outlined its ambitious economic program and how it would finance it.

Among its proposals are raising the minimum wage, controlling the prices of essential foods, electricity, natural gas, and gasoline, reducing the retirement age to 60, investing heavily in public services, and transitioning to green energy.

Where would this money come from? From a new 90% tax on any annual income over €400,000 (about U.S. $432,570).

The proposal by the NFP, which is trying to require the prime minister to implement the entirety of his government program, runs radically counter to the tax policy of French President Emmanuel Macron, who, as an economic legacy after loosening the labor market, cut corporate taxes from 33 percent to 25 percent to boost hiring.

However, although the New Popular Front is now the leading political force in the French Congress, it is far short of a 289-seat majority. It needs Macron's party, Ensemble, to form a government and have a prime minister akin to its policies. 

However, it is not clear if Macron will accept a prime minister close to the most radical groupings of the NFP or if, on the contrary, he will manage to negotiate with the less radical factors to continue with the current prime minister, Gabriel Attal, whose resignation he did not accept.

For the moment, it looks complicated that Macron will agree to work and form a government with the party France Insoumise, led by the extremist Jean-Luc Mélenchon, one of France's most radical and divisive leftist figures.

However, Macron may look to reach out to other NFP parties, such as the Socialists and Greens.

Meanwhile, Macron has pressure from France Insoumise to resign and appoint an ultra-left prime minister.

"The president must appoint someone from the New Popular Front as prime minister to implement the NFP program, the whole program and nothing but the program," said Manuel Bompard of France Insoumise.