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

Le Monde.fr

Barrons

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

Politico

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.

Le Figaro

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.

France's new wealth tax smartly targets unproductive assets like yachts and art while protecting productive investments and family homes. The modest reform broadens the tax base to include financial assets that billionaires use to dodge taxes. This fair approach generates billions in revenue while encouraging productive economic activity.

France's new wealth tax smartly targets unproductive assets like yachts and art while protecting productive investments and family homes. The modest reform broadens the tax base to include financial assets that billionaires use to dodge taxes. This fair approach generates billions in revenue while encouraging productive economic activity.</span

France's new 'unproductive wealth' tax reflects a limited adjustment

France is lucky it's lawmakers only went this far, as Zucman's agenda would devastate the economy by forcing business owners to liquidate assets, creating effective tax rates exceeding 100% of income. If the far left gets its way, France will see a mass exodus of businesses, accelerating its economic decline when the country desperately needs fiscal sanity.

France is lucky it's lawmakers only went this far, as Zucman's agenda would devastate the economy by forcing business owners to liquidate assets, creating effective tax rates exceeding 100% of income. If the far left gets its way, France will see a mass exodus of businesses, accelerating its economic decline when the country desperately needs fiscal sanity.

France Rejects Zucman Wealth Tax, Approves Holding Company Levy

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France Rejects Zucman Wealth Tax, Approves Holding Company Levy

The Spin

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