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Awomanholdsaplacardwhichreads"2%isnothingtous"duringademonstrationorganizedbyactivistsfromAttac,,France,June12,2025.[Photo/Agencies]OnThursdaytheFrenchSenate,theupperhouseofthecountrysparliament,decisivelyrejectedaproposedwealthtaxtargetingtheultra-rich,,,theNationalAssembly,mainly,lthexceeding100millioneuros($),,Zucmanexplainedtheproposal,saying"itsaverytargetedplanaimedattheextremelyrich,especiallythosewho,despitetheirhugewealth,currentlypayverylittleintaxes."Heestimatedthetaxcouldgeneratearound20billioneurosannually,affectingabout1,,aresearcherintheeconomicsdepartmentofParisDauphineUniversityandanassociateprofessoratRouenBusinessSchool,toldpublicbroadcasterFranceInteritwasaboutemphasizingtheliquidityofbillionaireswealth."Thesearepeoplewhomostlyholdtheirwealthintheformofsharesintheirowncompanies,"shesaid."Forexample,(chairofluxurygoodscompanyLVMH)BernardArnault,with190billioneuros,has90percentofhiswealthinLVMHshares."Taxingshareswasfeasible,sheadded,because"ifyouownshares,theyreliquidintwominutes,unlikerealestateorfactories".Shealsocontextualizedthe2percenttaxrate,saying"whileitmightsoundhigh,,paying2millioneurosintaxstillleavesthemwithanetgainof5millioneuros."Delattealsohighlightedthesystemicimbalanceintaxburdens."Ordinarycitizensoftenpayaround50percentoftheirincomeintaxestosupportsocialsystems,"sheexplained."Theultra-richpayonly27percent,largelyduetolegaltax-planningstrategies."Shealsoexplainedthatholdingcompanies,whichexistsolelytoholdwealth,,PublicAccountsMinisterAmeliedeMontchalinacknowledgedtheproblem."Itdoesntmakesenseforahouseholdwithtensofmillionsofeurostokeeptheirsavingsinaholdingcompany,useittofundtheirlifestyle,andstillpaynoincometax,",theversionunderdebateinParliamentwasadilutedversionoftheoriginalproposal,―,fromthecenter-rightHorizonsparty,questionedthepremiseforthetax,arguing:"Itsnotclearthattheultra-rich,bystructuringtheirwealthtoproducelittletaxableincome,actuallypaylesstaxthantheaverageperson."WhatsNextTheZucmantaxsparkedalargerconeG20,FrancesPresidentEmmanuelMacronexpressedconditionalsupport,statinghefsrejection,supportersincludingmembersofparliamentandadvocacygroupssuchasOxfamandAttacplantorevisittheissueduringthe2026budgetdebate,esuchwealthtaxeseffective,hintingthattheZucmantaxorsimilarmeasurescouldreturninfuturenegotiations.
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