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French MPs vote through the left's wealth tax on the ultra-rich

  • French MPs in the National Assembly voted 116 to 39 to support a new wealth tax on individuals with net worths over €100 million, introducing a 2% minimum tax rate.
  • The proposed wealth tax, named the Zucman Tax after economist Gabriel Zucman, aims to generate between €15 billion and €25 billion annually for the government.
  • Despite this initial vote, the bill faces hurdles in becoming law, with potential opposition from right-wing parties and a necessary review by the Constitutional Council.
  • Supporters of the bill view this vote as a step toward tax justice and public demands for a fairer system, countering the notion of tax immunity for the ultra-rich.
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Radio France broke the news in on Thursday, February 20, 2025.
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