US EditionFrench Government Under Pressure as Lawmakers Set to Vote on Wealth Tax
Socialists demand a 2% minimum tax on wealth above €100 million, which could raise €20 billion annually according to economist Gabriel Zucman, challenging the government's lesser tax plan.
- On October 24, 2025, Prime Minister Sebastien Lecornu faced MPs debating the 2026 budget at the National Assembly in Paris, while a swing group said it would vote down the government without a wealth tax.
- Pressure to rein in the deficit has mounted as France faces an end-of-year spending bill deadline amid political deadlock after President Emmanuel Macron's snap polls left a hung parliament with the centrist bloc losing majority to the far right and left-wing New Popular Front alliance.
- The government proposed taxing wealth management holdings with at least €5 million and expects to raise $19 billion from around 10,000 taxpayers.
- Lecornu pledged he would not use constitutional power to ram the bill, and parliament may delay debate until next week while the right eliminated overtime taxes Saturday.
- Bernard Arnault's example highlighted as Socialist Olivier Faure cited Arnault's $19 million overnight gain and LVMH stake, while Gabriel Zucman warned against loophole-riddled taxes and Eric Coquerel wrote `There you have it`.
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79 Articles
The Socialist acknowledged, however, that higher taxation of the richest would be of the 'symbol', while calling for 'shared effort' to reduce the deficit.
French Wealth Tax Vote Is Delayed as Government Teeters
French lawmakers didn’t vote on a Socialist proposal for a wealth tax Saturday, delaying a possible compromise in a budget debate that risks toppling the fragile minority government of Prime Minister Sebastien Lecornu.
While the 2026 budget is being discussed in the National Assembly, MAIF Director General Pascal Demurger hopes that the "middle classes" will not be the big losers of the finance bill.
Launched on Friday by Prime Minister Sébastien Lecornu, MPs' discussions continue in the Chamber. The left will try to pass tax justice measures, otherwise the PS could censor.
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