Left-wing opposition denounces “low” returns from capital gains tax: “Strongest shoulders have more capacity”

After a series of experts shed light on the measure last week, it was up to the committee members themselves to start the discussion on Tuesday. The hearing with the experts provided ammunition to fire more technical questions at Minister of Finance Jan Jambon (N-VA), although criticism of Vooruit was often heard from the left.

More carrying capacity

Dieter Van Besien (Green) believes that an estimated revenue of 500 million euros at cruising speed is a very modest amount. “The strongest shoulders have more carrying capacity. The main prize for Vooruit to participate in Arizona turned out to be fairly low.” Like Frédéric Daerden (PS), he noted that Vooruit put forward a plan before the elections to introduce a rate of 30 percent, while it is now only 10 percent. Van Besien also recalled that the Socialists defended a millionaire contribution last fall, but that too did not reach the finish line.

The same criticism from Sofie Merckx (PS). “This does not make the exercise balanced at all. Against 30 billion in savings or additional costs, there is a possible return of 500 million euros,” she complained. “For Arizona, the strongest shoulders are the everyday people.” Merckx also complained that the companies remain out of the picture, which, according to her, means that the richest escape.

“Historic step forward”

Niels Tas (Vooruit) contradicted the criticism. Is the capital gains tax law perfect? “No,” Tas admitted. “But it is a historic step forward and the taboo has been broken.”

For example, he refuted that the middle class or ordinary investor will pay for it. For example, he learns from figures from the National Bank that barely 10 percent of Belgian families own shares, and that the richest 1 percent of Belgians alone will account for an estimated 56 percent of the total proceeds. Because, says Tas, the exemption thresholds ensure that the vast majority are not affected.

The capital gains tax should raise 500 million euros, but the contribution of the strongest shoulders does not end there, the socialist emphasized. This year, an additional 2.4 billion euros will be requested from the strongest shoulders, and that will increase to an additional 4.5 billion euros in 2029. “No government has raised as much from the strongest shoulders as this government.”