Paris: France’s Socialist Party has stepped forward with a bold proposal to introduce a wealth tax aimed at the country’s ultra-wealthy, inspired by economist Gabriel Zucman. Olivier Faure, the party’s leader, revealed on BFM TV that the Socialists plan to advocate for a 2% levy on the top 0.01% of wealth holders, signaling a strong commitment to tackling economic inequality through progressive taxation.
Faure emphasized that the proposed “Zucman tax” is designed to ensure that the richest citizens contribute a fair share to public finances, aligning with growing public sentiment favoring measures against extreme wealth concentration. Polls indicate that a majority of French citizens support taxing the wealthiest as a means of funding social programs and reducing inequality.
The announcement comes amid preparations for France’s 2026 state budget. Prime Minister Sébastien Lecornu has already proposed a new tax targeting individuals with annual incomes exceeding €250,000, projected to generate an additional €3 billion in revenue. However, Faure made it clear that the Socialist Party’s support for the budget will hinge on the inclusion of the Zucman-style wealth tax, effectively positioning the party as a key influencer in the ongoing fiscal debate.
While the proposal has garnered public support, it has also faced criticism from business circles and opponents who warn that such a tax could drive capital flight and negatively affect investment and economic growth. High-profile individuals, including France’s wealthiest, have voiced concerns about the potential impact of levies targeting billionaires, highlighting the contentious nature of wealth taxation.
The Socialist Party’s move underscores the growing tension in French politics between social equity initiatives and economic liberal policies. As discussions intensify over the inclusion of the Zucman tax in the national budget, France may witness a defining moment in its approach to wealth distribution, fiscal fairness, and the broader fight against inequality.
The debate now turns to how the French government, led by President Emmanuel Macron, will balance these competing pressures while addressing both public expectations and economic realities. The outcome could shape the country’s tax policy and set a precedent for future measures aimed at curbing extreme wealth accumulation.