Overview

• The French Senate voted in June to reject the ‘Zucman tax’, overturning the National Assembly’s February approval.
• The proposal would impose a minimum 2% levy on the total assets of around 1,800 individuals with more than €100 million in wealth.
• Proponents describe the levy as essential to reducing fiscal inequality and plan to revive it in the 2026 budget cycle.
• Opponents, including centrist and right-wing lawmakers, warn the tax could deter investment and prompt wealthy residents to relocate.
• Economists across the political spectrum have challenged Zucman’s calculations, arguing they overlook existing social contributions and economic impacts.