France is generous to the wealthiest. Parliament rejects Zucman's tax proposal.

The French Parliament on Friday rejected a proposed tax on the wealthiest, known as the Zucman tax, both in its original version and in a compromise presented by the Socialist Party. Both the right and the far right have spoken out against the tax on the wealthiest.

The left, including the Socialist Party, voted in favor of the Zucman tax, whose position determines the survival of Prime Minister Sebastin Lecornu's government. In the name of fiscal justice, inspired by the ideas of French economist Gabriel Zucman, the left proposed a 2% tax on fortunes exceeding €100 million.

228 MPs voted against the proposal, 172 in favor. The vote took place during a debate on the draft budget for 2026. "We are against increasing taxes, which will stifle employment and economic activity," argued Laurent Wauquiez, head of the right-wing Republicans party, in parliament.

The Socialists assured that the debate is not over, as other proposals will be presented in the form of amendments to the budget law, for example the reinstatement of the ISF tax (solidarity tax on property) abolished in 2017.

The vote exposed divisions in parliament, where President Emmanuel Macron's centrist political camp also spoke out against burdens on the wealthiest, sparking voices on the left that they cannot ally with him, but must strive to implement – ​​independently – a left-wing program.

The left also believes that voting against taxing the wealthiest shows the true face of the far right, which portrays itself as a defender of ordinary people.

In an attempt to maintain the support of the Socialist Party, Prime Minister Lecornu announced on Friday that the government is ready to abandon plans to freeze pensions and social benefits in next year's budget.

Zucman, who spoke to the media on Friday morning before the vote, argued that rejecting the tax would be an admission that "billionaires have the right to pay zero taxes." "This would be irresponsible because in the current situation of severely weakened public finances, we need the ultra-rich to make an effort," the economist said.

In September this year, in an Ifop poll, 86% of respondents expressed a positive opinion on the Zucman tax.

From Paris Anna Wróbel (PAP)

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