Overview

• LVMH chief Bernard Arnault told The Sunday Times the measure would "destroy the French economy" and labeled Gabriel Zucman a far-left activist.
• Zucman rejected the attacks in posts on X, calling for a minimum tax on billionaires and stressing his role as an academic rather than a political actor.
• The proposal would charge 2% annually on net wealth above €100 million, affecting roughly 1,800 households, with Arnault’s estimated €144 billion fortune implying a bill of over €2.8 billion.
• Prime Minister Sébastien Lecornu leads a minority government that needs Socialist votes for the 2026 budget, and recent protests over spending cuts have amplified calls to "tax the rich."
• Expected yield remains disputed, with Zucman citing up to €25 billion a year, skeptics such as Philippe Aghion warning it could be closer to €5 billion, and the Senate finance commission calling reliable estimates extremely difficult.