France: Parliament rejects wealth tax, budget dispute intensifies

Following the failure of the Zucman tax, the leader of the Socialists, Olivier Faure (57), said there was "no possibility" of voting on the draft budget in its current form. Faure also advocated reinstating the ISF wealth tax, which was abolished in 2017 and applies to assets of at least €1.3 million.

At the same time, he urged Prime Minister Lecornu and the MPs to continue seeking a compromise – or face a vote of no confidence and the threat of new elections. No one on the left was afraid of new elections.

France's budget deficit is far too high

Lecornu himself emphasized his rejection of the proposal for a wealth tax, saying that there is no such thing as a "miracle tax".