The debate over the so-called Zucman tax on fortunes of more than €100 million is causing a stir in France, part of a wider debate in Europe on how much the ultra-wealthy should be taxed.

Paris

A proposal known as the Zucman tax is being debated in France, suggesting that households with assets exceeding 100 million euros pay at least 2% of their wealth annually. The measure, designed by economist Gabrielle Zucman, seeks to enhance tax fairness and help France address its budget deficit without resorting to deep spending cuts. 

The proposal enjoys broad public support, with recent polls indicating an 86% approval rate across the political spectrum. Estimates suggest the tax could generate around 20 billion euros for France, and up to 67 billion euros if implemented across the European Union. However, some economists question the accuracy of these projections. Similar taxes exist in Spain, Norway, and Switzerland, while other European countries apply partial taxes on specific assets of the ultra-rich.

Will taxing the ultra-rich really help to balance France's budget?

It's a subject that has caused a stir in French politics, the so-called Zucman tax. The proposal, devised by economist Gabrielle Zucman, suggests that tax households that own more than 100 million euros in assets contribute at least 2% of their wealth every year. It aims to restore a greater amount of tax justice, whilst at the same time generating revenue as France struggles to balance its budget. The first one is that it's a very popular measure. So like the latest poll that I've seen, I think, placed it at like an approval rate of like 86% across the population and also, importantly, across the political spectrum. The second thing is that it does respond to a problem. So the problem being the ultra-rich pay less. According to Zucman, the scheme would make it possible to make up part of France's deficit without making deep budget cuts. The tax could bring in around 20 billion euros for the French government. The cumulative effect at an EU level would be even greater. It's estimated that such a tax would bring in 67 billion euros for member states. But other economists say that these figures don't add up. In Europe, Spain has had a solidarity tax on large fortunes for three years. Norway and Switzerland also apply a tax on very high incomes. But these two countries have particularly high financial resources. Other countries have a partial taxation of the ultra-rich, such as France, Belgium, the Netherlands and Italy, which tax very specific assets.

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