Seven esteemed Nobel winners advocate for the enactment of a tax on affluent individuals in France
The proposed **Zucman tax**, a wealth tax targeting the ultra-rich, has been a contentious issue in France. This draft law, named after its creator, French economist Gabriel Zucman, aimed to impose a **minimum 2% tax on the fortune of households with net wealth exceeding €100 million**.
The Zucman tax proposal was initially passed by the National Assembly in February 2025 with left-of-center support. However, it faced strong opposition in the Senate, which is dominated by center-right and right-leaning parties. On June 12, 2025, the Senate rejected the bill by a large majority, citing economic risks and potential harm to investors and financial resources.
The government, led by Prime Minister François Bayrou and Finance Minister Eric Lombard, argued that the tax would be detrimental at a time when France is trying to reduce its budget deficit by €40 billion in 2026. Yet, the rejection of the Zucman tax sparked a heated debate among economists.
Despite this rejection, the idea of a 2% global minimum wealth tax on billionaires continues to be endorsed internationally. Several Nobel laureates in economics have publicly supported such a tax as a tool to combat wealth inequality and tax avoidance at the very top tiers of wealth. They emphasize its potential to raise significant revenue worldwide—estimated at around $250 billion from just 3,000 billionaires globally, with about $50 billion in Europe alone.
The international momentum includes a June 2024 report by Gabriel Zucman for the G20, followed by a commitment from G20 leaders in November to tax the rich. Proposals from Brazil, South Africa, and Spain advocate a similar global minimum wealth tax.
In summary, while the Zucman tax proposal is stalled domestically in France, the broader notion of a 2% minimum global wealth tax on the ultra-rich remains alive and under active discussion internationally. This debate underscores the ongoing efforts to address wealth inequality and tax avoidance strategies employed by the ultra-wealthy.
| Aspect | Status as of July 2025 | |-----------------------|-------------------------------------------| | French Zucman Tax | Rejected by French Senate in June 2025 | | National Assembly Vote | Passed in February 2025 | | Government Position | Opposed citing economic risks | | Expected Revenue | €15-25 billion annually if implemented | | Targeted Wealth Level | Households with net worth > €100 million | | Global Minimum Tax Idea| Supported by economists and G20 leaders | | Potential Global Revenue | Around $250 billion from billionaires |
The Zucman tax debate reflects a broader global conversation about wealth distribution and the role of taxation in addressing economic inequality. As the discussion continues, it will be interesting to see how countries, including France, navigate this complex issue.
The rejection of the French Zucman tax in June 2025 did not deter the international discourse on a 2% minimum global wealth tax, with several nations advocating for a similar policy. Despite France's domestic rejection, Nobel laureates and G20 leaders continue to endorse this idea as a potential tool to combat wealth inequality and tax avoidance.
