Two topics are dominating the National Assembly on October 31. One of them is wealth taxation, which lawmakers will be debating amid an ultimatum from the Socialist Party calling for greater "tax justice." But what is the so-called Zucman tax?

Paris

The Zucman tax, a proposed wealth tax aimed at addressing France's national debt, has become a point of contention among French MPs. The original plan called for a 2% levy on assets over 100 million euros, while the latest proposal from the Socialist Party suggests a 3% tax on assets exceeding 10 million euros, with certain business exemptions.

President Emmanuel Macron's party and right-wing lawmakers oppose the measure, while the far-left believes it does not go far enough and the far-right sees it as too extreme. Despite criticism that the tax could drive wealthy individuals abroad, the plan has been endorsed by several Nobel laureates and enjoys strong public support, with a recent survey indicating 86% approval.

What is the "Zucman tax," the wealth tax that dividing French MPs?

How can France fix swelling debt of 3.3 trillion euros? For a now-famous economist, there's only one way forward. The flat wealth tax would extend the field of democracy to bring billionaires in line with national solidarity. The original Zucman tax called for a 2% levy on those with assets in excess of 100 million euros. And the latest incarnation comes from the Socialist Party, 3% in excess of 10 million euros, excluding innovative or family businesses. It's not to tax for taxes' sake, but to save French people, who are currently alone in redressing public accounts. President Emmanuel Macron's party and the right-wing Républicain opposed the plan. Meanwhile, for the far-left, it's not far-left enough. And for the far-right, it's far too far-left. I'm opposed to the Zucman tax, even the lighter version, now tabled by the Socialists. Zucman's plan was endorsed by seven Nobel Prize-winning economists and various nations worldwide who would like to see such a tax go global. But critics, from politicians to businesses, say it would push the richest to flee abroad. Taxing the tools of work is madness. It's killing the golden goose. Zucman says that can be offset by maintaining the levy on tax exiles after they leave. And popular in Parliament or not, public opinion is on Zucman's side. A September survey found 86% of those who responded in favour of his tax.

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