French Assembly Passes 'Zucman Tax' Targeting Ultra-Rich Wealth

The proposed 2% minimum wealth tax on fortunes over €100 million faces uncertain prospects in the Senate and opposition over economic concerns.

The French National Assembly approved the 'Zucman Tax' on February 20, requiring a 2% minimum tax on wealth exceeding €100 million, affecting approximately 1,800 taxpayers.
The tax aims to address perceived fiscal inequality, as ultra-wealthy individuals reportedly pay proportionally less tax than average citizens, according to proponents.
The measure, inspired by economist Gabriel Zucman, is projected to generate between €15 billion and €25 billion annually for public services and ecological initiatives.
Critics, including government officials, argue the tax is 'confiscatory,' risks driving wealthy individuals and capital out of France, and could harm economic investment.
The bill's future remains uncertain, as it is unlikely to pass the Senate, dominated by right-wing and centrist lawmakers, or survive constitutional scrutiny.