French Lawmakers Back Tax On The Ultra-Rich

French lawmakers in the National Assembly have voted in favor of a 2% wealth tax on the assets of the super-rich.

The "Zucman tax" would impose a minimum tax on the wealthiest 0.01% of French citizens—approximately 4,000 individuals with assets exceeding €100 million.

The bill, adopted by 116 votes to 39, was proposed by the Ecologist Party and supported by Green and left-wing members of Parliament, Eleanor Butler reported for Euronews.

Lawmakers from the far-right National Rally party abstained, while turnout from centrist government members was low. Although the bill has cleared a key legislative hurdle, it is not expected to pass in the Senate.

Dubbed the “Zucman tax” after economist Gabriel Zucman, the measure would impose a minimum tax on the wealthiest 0.01% of French citizens—approximately 4,000 individuals with assets exceeding €100 million.

The proposal estimates that the tax could generate between €15 billion and €25 billion annually.

Proponents argue that it would apply only to those who currently do not contribute enough in taxes, filling gaps created by tax optimization strategies. They claim that the ultra-wealthy in France currently pay proportionally less in taxes than the general population.

The bill also includes provisions to target trusts and holding companies frequently used to minimize tax liabilities.