US EditionFrench Senators Reject Tighter Tax on Ultra-Rich
- France's Sénat rejected on Thursday, June 12, 2025, a draft law to impose a two-percent tax on the ultra-rich's fortune targeting 1,800 households.
- The bill aimed to reduce France's public deficit, which reached 5.8% of GDP last year, but faced opposition from Prime Minister François Bayrou's government and the centre-right dominated Senate.
- Finance Minister Éric Lombard argued that the proposed tax would harm investors and financial resources, while Senator Emmanuel Capus called it confiscatory and a violation of taxation equality.
- The tax, known as the 'Zucman tax,' could raise around €20 billion per year but faced criticism as possibly a 'fiscal illusion' by Bank of France governor François Villeroy de Galhau.
- The rejection suggests challenges for taxing the ultra-rich despite budget deficit concerns, while protesters called for such measures outside the Sénat on the vote day.
17 Articles
17 Articles
The economist Gabriel Zucman proposes to tax the wealth of the ultra-rich to 2%. The Senate has just said "no" and the government does not see the initiative of a good eye. "Marianne" has done the calculation with five large families. Such a puncture would take away from them only 3% to 14% of their latent equity gains recorded since the Covid-19 pandemic. Not so confiscatory.
The Senate rejected a bill aimed at taxing the wealth of great fortunes to 2%. Making the ultrarich pay more taxes is an idea that makes consensus, however, to believe a study that is based on the books of grievances of the great national debate of 2019.
Do you know the Frenchman Bernard Arnault? He and his billionaires are supposed to pay two percent tax just because they are what they are: Uncle Scrooge.
In France, the Senate has stopped a planned minimum tax of two percent for billionaires.
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