Overview

• Economy minister Éric Lombard told business leaders at La Ref that reinstating the wealth tax is completely excluded from the 2026 budget.
• Patrick Martin of Medef warned that any form of an ISF comeback would be ravageur for investment and said the federation will oppose it.
• Lombard said the budget texts are already ready and emphasized deficit reduction alongside protection of companies that drive jobs and growth.
• Employer concerns referenced proposals such as a 2% “taxe Zucman” on large fortunes, which they argue would deter family businesses and investors.
• Market nerves persisted after the prime minister set a 8 September confidence vote, with a CAC 40 drop and a wider France–Germany 10-year OAT spread reported this week.