France’s mega-rich could soon be paying a lot more in tax—if the left-wing Green Party gets its way. MPs in the National Assembly have voted overwhelmingly in favour of a new wealth tax targeting the super-wealthy. But will it actually happen?
What’s the plan?
The proposed tax, dubbed the ‘Zucman Tax’, would slap a 2% minimum rate on individuals with a net worth of €100 million or more. That’s around 1,800 households across France.
Supporters believe this could generate between €15 billion and €25 billion every year. If passed, it would be a world-first.
A landslide vote—but far from a done deal
On Thursday, MPs voted 116 to 39 in favour of the tax. Left-wing politicians celebrated, calling it a win for tax justice.
But here’s the problem. Right-wing parties, including Marine Le Pen’s Rassemblement National (RN), abstained from the vote. When they actually vote next time, they’re likely to block the bill.
And even if Parliament approves it, there’s another hurdle—the Constitutional Council. French media suggests they could strike it down as “confiscatory”.
A sign of things to come?
Despite the obstacles, campaigners for the Zucman Tax are celebrating the symbolic victory. Public support is strong, and the idea of taxing the ultra-rich is gaining momentum globally.
With billionaires grabbing headlines for all the wrong reasons, this debate is far from over.
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