French Members of Parliament in the National Assembly approved a new wealth tax aimed at individuals with assets exceeding €100 million with a vote of 116 to 39, setting a minimum tax rate of 2%. Dubbed the Zucman Tax in honor of economist Gabriel Zucman, the tax initiative intends to generate an estimated €15 billion to €25 billion annually for the government.
While the initial vote demonstrates progress, the bill must navigate obstacles before enactment, including potential pushback from right-wing parties and a mandated assessment by the Constitutional Council. Advocates of the legislation perceive the approval as a stride towards tax fairness, aligning with public calls for a more equitable system and challenging the concept of tax exemption for the super-wealthy.