Overview

• LVMH chief Bernard Arnault called the plan a bid to "destroy the French economy" and labeled Gabriel Zucman a "left‑extremist activist," in remarks reported by The Sunday Times.
• Zucman countered that the attack "deviates from rationality," denied being an activist, and urged a minimum tax on billionaires in posts on X.
• The proposal would tax net wealth above €100 million at 2%, affecting about 1,800 households, with Zucman estimating up to €25 billion in annual revenue.
• Skeptics, including economist Philippe Aghion, see potential proceeds closer to €5 billion, and the Senate finance commission warned that realistic forecasts are extremely difficult.
• Prime Minister Sébastien Lecornu faces Socialist Party pressure to insert the measure into the 2026 budget, while budget minister Amélie de Montchalin rejected the idea and recent protests urged leaders to "tax the rich."