US EditionArnault Denounces 2% Wealth Tax, Targets Economist Behind Plan France's Budget Fight Heats Up
- Bernard Arnault, France's wealthiest individual and CEO of LVMH, criticized the plan to impose a 2% levy on fortunes exceeding 100 million euros, calling it harmful to the country's economy.
- The tax proposal, architected by economist Gabriel Zucman, aims to close the tax gap amid broad public support but has triggered strong opposition from Arnault and some political factions.
- Arnault criticized Zucman, a professor at École Normale Supérieure and Berkeley, portraying him primarily as a far-left activist who leverages questionable academic qualifications to advance a political agenda aimed at undermining the liberal economic framework.
- A recent survey conducted for the Socialist Party this September revealed that 86% of respondents support the wealth tax, while Zucman maintains that his work is grounded in research rather than ideology and denies the related criticisms.
- Prime Minister Sébastien Lecornu faces pressure to include the tax in the 2026 budget and could face a confidence vote that might topple his government if he does not comply.
143 Articles
143 Articles
In his offensive against the Zucman tax, Bernard Arnault defends neither the general interest nor a form of economic rationality: he represents a form of radicalisation of capital that does not hesitate...
French politicians have reacted to comments by the country's richest man about a tax that would impose a 2% tax on citizens with at least $100 million in wealth. The CEO of luxury group LVMH, Bernard Arnault, said the proposed 2% tax on France's wealthiest citizens is "deadly for our economy."
Prime Minister Sebastien Lecornu is trying to convince the Socialists to support France's new government, but the center-left wants to raise taxes on the super-rich to reduce the budget deficit. The Socialists' proposal has angered business leaders, with the country's richest man warning that such a move could destroy the French economy.
Coverage Details
Bias Distribution
- 45% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
