Debate over Zucman tax rejected

The National Assembly rejected proposals inspired by the Zucman tax on "ultra-rich" individuals, with numerous confrontations during the debates. The Assembly rejected on Friday several proposals from the left aimed at implementing a minimum tax, proportional to their assets, on the wealthiest households, following the model of the Zucman tax, as well as reinstating the solidarity wealth tax (ISF).

Zucman tax aims to target ultra-rich

Inspired by the work of economist Gabriel Zucman, this tax aims to ensure that the approximately 1,800 wealthiest tax households pay each year an amount of taxes equivalent to at least 2% of their net assets, taking into account taxes already paid. Unlike the former solidarity wealth tax (ISF), abolished in 2018 and replaced by a real estate wealth tax (IFI), it would take into account shares held in companies, which constitute a significant part of the assets of "ultra-rich" individuals, a term notably used by Gabriel Zucman.

Supporters estimate tax revenue potential

Its supporters estimate that it could generate between 15 and 25 billion euros annually, an assessment contested. "We are examining several ways to make the wealthiest households contribute, but behind all these proposals, the same question: why can those who have the most sometimes contribute proportionally the least?" argued socialist Mickaël Bouloux.

Opposition raises legal and economic concerns

The general rapporteur of the budget, Philippe Juvin (LR), opposed these proposals, citing notably a risk of unconstitutionality linked to the taxation of assets including illiquid assets and unrealized capital gains. He also warned against the economic consequences of taxing professional assets, which he said could penalize business activity and innovation.

Government and Assembly reject ISF reinstatement

The government also gave an unfavorable opinion. The deputies also rejected several proposals to reinstate the ISF, abolished during Emmanuel Macron's first five-year term, some of which included a climate component. The issue of taxing the wealthiest households is a recurring topic in budget debates.

Previous Zucman tax bill rejected by Senate

The Assembly had already adopted in February 2025 a bill establishing the Zucman tax, before its rejection by the Senate. The exchanges were also marked by numerous confrontations. In the early evening, there were still nearly 3,000 amendments to examine on this first part of the budget, devoted to state revenues, while its vote is scheduled for Tuesday.

Timeline for budget discussions set

If the deputies fail to complete its examination, discussions could be interrupted and resumed, but not after November 17, the date by which the text is supposed to be transmitted to the Senate.