US EditionFrench lawmakers reject wealth tax on ultra-rich
French parliament voted down the Zucman wealth tax, favoring a diluted plan expected to raise up to 1 billion euros by taxing assets in holding companies, lawmakers said.
- On Friday, French lawmakers in the National Assembly rejected Zucman’s wealth tax proposals, with 228 voting against and 172 backing a diluted levy on holding companies' assets.
- A left‑wing bloc proposed a 2% tax on fortunes over 100 million euros, dubbed the 'Zucman tax,' with French economist Gabriel Zucman saying it could generate 15-20 billion euros annually from 1,800 households.
- The watered‑down levy, proposed by Prime Minister Sebastien Lecornu, aims to raise 1 billion euros, while Montchalin warned `Our aim is not to achieve tax justice at the expense of the economy`.
- Socialist lawmakers have demanded the tax and threatened to topple the government if ignored, while Prime Minister Sebastien Lecornu relies on their support to pass the budget and survive votes of no confidence this month.
- The budget bill goes to the Senate in the coming weeks, with its final shape still subject to change as France remains mired in political deadlock after President Emmanuel Macron last year called snap elections.
33 Articles
33 Articles
After the failure of the wealth tax in the French parliament, the Socialists could withdraw their support from the government. Three findings from a turbulent week.
French Lawmakers Vote Against ‘Zucman Tax’
The ongoing debate over France’s budget continued on Friday, when the National Assembly voted down a proposal for a 2% tax on assets exceeding €100 million, known as the Zucman tax after its economist proponent, Gabriel Zucman. The measure, supported by an alliance of left-wing parties, aimed to target around 1,800 wealthy households and would, Zucman has said, generate €15-20 billion annually. Center- and right-wing lawmakers united in oppositi…
After the rejection of the wealth tax, the budget dispute in France is getting worse. The left is threatening to block – and the stability of the government is wavering.
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