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France's National Assembly rejected the proposed Zucman wealth tax on Friday evening with 228 lawmakers voting against and 172 in favor, according to parliamentary records from the lower house session.</span

France's National Assembly rejected the proposed Zucman wealth tax on Friday evening with 228 lawmakers voting against and 172 in favor, according to parliamentary records from the lower house session.

The rejected tax proposal would have imposed a minimum 2 percent levy on wealth exceeding 100 million euros and was designed by French economist Gabriel Zucman to target approximately 1,800 households nationwide.</span

European Conservative

France 24

The rejected tax proposal would have imposed a minimum 2 percent levy on wealth exceeding 100 million euros and was designed by French economist Gabriel Zucman to target approximately 1,800 households nationwide.

Prime Minister Sebastien Lecornu expressed profound disagreement with the wealth tax proposal, stating there was no such thing as a miracle tax, while Socialist leader Olivier Faure warned of potential censure votes.</span

Prime Minister Sebastien Lecornu expressed profound disagreement with the wealth tax proposal, stating there was no such thing as a miracle tax, while Socialist leader Olivier Faure warned of potential censure votes.

A modified Zucman-light proposal from the Socialists, calling for a 3% levy on assets above €10 million with exemptions for family and innovative businesses, also failed to pass the legislative vote.

A modified Zucman-light proposal from the Socialists, calling for a 3% levy on assets above €10 million with exemptions for family and innovative businesses, also failed to pass the legislative vote.

Conservative Republicans leader Laurent Wauquiez welcomed the vote's outcome, arguing the tax would "kill jobs and economic activity," while the right wing and government opposed taxing professional assets.

Laurent Wauquiez

Conservative Republicans leader Laurent Wauquiez welcomed the vote's outcome, arguing the tax would "kill jobs and economic activity," while the right wing and government opposed taxing professional assets.

Parliament did approve a compromise measure implementing a 2% tax on non-operational assets held in holding companies, which is expected to generate up to €1 billion ($1.15 billion) in revenue, according to government estimates.

Bloomberg.com

Parliament did approve a compromise measure implementing a 2% tax on non-operational assets held in holding companies, which is expected to generate up to €1 billion ($1.15 billion) in revenue, according to government estimates.

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A modified Zucman-light proposal from the Socialists calling for a 3 percent levy on assets above 10 million euros with exemptions for family and innovative businesses also failed to pass the legislative vote.</span

A modified Zucman-light proposal from the Socialists calling for a 3 percent levy on assets above 10 million euros with exemptions for family and innovative businesses also failed to pass the legislative vote.

Conservative Republicans leader Laurent Wauquiez welcomed the vote's outcome, arguing the tax would kill jobs and economic activity, while the far right and government opposed taxing professional assets.</span

Conservative Republicans leader Laurent Wauquiez welcomed the vote's outcome, arguing the tax would kill jobs and economic activity, while the far right and government opposed taxing professional assets.

Parliament did approve a compromise measure implementing a 2 percent tax on non-operational assets held in holding companies, which is expected to generate up to 1 billion euros in revenue according to government estimates.</span

Parliament did approve a compromise measure implementing a 2 percent tax on non-operational assets held in holding companies, which is expected to generate up to 1 billion euros in revenue according to government estimates.

France Rejects Zucman Wealth Tax, Approves Holding Company Levy

France Rejects Zucman Wealth Tax, Approves Holding Company Levy

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France Rejects Zucman Wealth Tax, Approves Holding Company Levy

France Rejects Zucman Wealth Tax, Approves Holding Company Levy

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