California votes on Zucman tax

This Tuesday, California voters will decide on a proposed tax known as the Zucman tax, which would impose a 5% wealth tax on the state’s 250 billionaires. The tax aims to raise nearly 100 billion dollars annually, primarily to fund the state’s health care and education systems.

Global debate on taxing billionaires

In France, economists are pushing for similar measures, including a tax on inheritances over 4 million euros or a national solidarity tax. Thomas Piketty, a prominent French economist, argues that such a tax could fund major investments in education and health, helping the country recover from economic challenges.

French education needs new funding

In France, there is growing pressure to address underfunded education systems. Two economists, Élise Huillery and Romane Paris, proposed an 11.8 billion euro investment plan for education, including reducing class sizes, increasing teacher salaries, and expanding scholarships. To fund this, they suggest a tax on inheritances exceeding 4 million euros, which could generate 12.7 billion euros.

Piketty proposes national solidarity tax

Thomas Piketty has advocated for an exceptional national solidarity tax on billionaires and centimillionaires, which could raise up to 800 billion euros. This would include a 50% tax on wealth gains over 100 million euros between 2017 and 2027, and a long-term Zucman-style tax with rates of 5% and 10% on large fortunes. He compares this to a tax introduced in 1945 by General de Gaulle’s government.

Inequality and tax reform in France

According to the Observatory of Inequalities, the combined wealth of the top 500 professional fortunes in France reached 1,128 billion euros in 2025, compared to 170 billion euros two decades earlier. Layla Abdelké Yakoub of Oxfam argues that the current tax system is unequal, with billionaires paying only 26% in taxes, far less than the average 50% paid by other citizens.

French lawmakers reject tax proposals

In mid-October, the National Assembly rejected a 2% Zucman-style tax on the wealthiest households, which would have required them to pay 2% of their net wealth annually. Similar proposals, including a minimum tax on fortunes over 100 million euros, were also rejected. Discussions on the 2027 budget bill continue, with the text expected to be sent to the Senate by November 17.