US EditionFrance Rejects Zucman Wealth Tax, Approves Holding Company Levy
- On Friday, French lawmakers in the National Assembly rejected Zucman’s wealth tax proposals, with 228 voting against and 172 backing a diluted levy on holding companies' assets.
- A left‑wing bloc proposed a 2% tax on fortunes over 100 million euros, dubbed the 'Zucman tax,' with French economist Gabriel Zucman saying it could generate 15-20 billion euros annually from 1,800 households.
- The watered‑down levy, proposed by Prime Minister Sebastien Lecornu, aims to raise 1 billion euros, while Montchalin warned `Our aim is not to achieve tax justice at the expense of the economy`.
- Socialist lawmakers have demanded the tax and threatened to topple the government if ignored, while Prime Minister Sebastien Lecornu relies on their support to pass the budget and survive votes of no confidence this month.
- The budget bill goes to the Senate in the coming weeks, with its final shape still subject to change as France remains mired in political deadlock after President Emmanuel Macron last year called snap elections.
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MPs from LFI to RN and Republicans defended the removal of this controversial measure MPs rejected one of the most criticized measures of the project on Monday night
After the failure of the wealth tax in the French parliament, the Socialists could withdraw their support from the government. Three findings from a turbulent week.
French Lawmakers Vote Against ‘Zucman Tax’
The ongoing debate over France’s budget continued on Friday, when the National Assembly voted down a proposal for a 2% tax on assets exceeding €100 million, known as the Zucman tax after its economist proponent, Gabriel Zucman. The measure, supported by an alliance of left-wing parties, aimed to target around 1,800 wealthy households and would, Zucman has said, generate €15-20 billion annually. Center- and right-wing lawmakers united in oppositi…
leprogres.fr
The Zucman High Heritage Tax was rejected by the MPs on Friday. The measure was carried by the left, with 172 votes in favour and 228 against.
The draft tax on the highest wealth did not find a majority in the Hemicycle on Friday, no more than its light version, the tax "Mercier". A little earlier in the day, a lunch between the socialists Olivier Faure and Boris Vallaud with Prime Minister Sébastien Lecornu did not allow progress.
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