French Government Opposes Socialist Wealth Tax Proposal
Olivier Faure during a debate on the government budget at the National Assembly in Paris, on Oct. 25.
Photographer: Magali Cohen/AFP/Getty ImagesFrance’s government remains opposed to a wealth tax put forward by the left even as Socialists maintain their threat to topple Prime Minister Sebastien Lecornu if there is no significant increase in levies on the rich.
A vote on the proposed amendment by the Socialists, who have outsized leverage in parliament, is expected to take place later this week. The proposal would narrow the scope of a wealth tax named after economist Gabriel Zucman by forcing individuals with wealth exceeding €10 million ($11.6 million) to pay taxes corresponding to at least 3% of their fortune, with exemptions for “innovative” and family-owned companies.