France’s Socialists Push for “Zucman Tax” on Super-Rich to Raise €20 Billion a Year

France’s Socialist Party has proposed a “Zucman tax” on fortunes above €100 million to raise €20 billion annually, intensifying debate over wealth, fairness, and fiscal policy in the 2026 budget.

France’s Socialist Party is pushing to introduce a so-called “Zucman tax” on personal fortunes exceeding €100 million, a proposal that could generate up to €20 billion annually as lawmakers debate the 2026 national budget.

The initiative, inspired by economist Gabriel Zucman’s work on global wealth taxation, targets the country’s ultra-rich amid growing public concern over widening inequality and strained public finances. Socialist lawmakers argue that the measure would ensure the wealthiest individuals contribute their fair share towards sustaining France’s social model, particularly at a time of fiscal tightening.

The proposal follows Prime Minister Sébastien Lecornu’s survival of two no-confidence votes this week after his government suspended planned pension reforms, leaving his administration politically weakened but still in control. The Socialists, emboldened by Lecornu’s vulnerability, have positioned the wealth tax as a test of the government’s commitment to fairness and redistribution.

Under the plan, individuals with assets exceeding €100 million would be taxed annually, with proceeds directed to bolster healthcare, education, and public infrastructure. Economists have, however, warned that such a measure could drive capital abroad, especially among France’s wealthiest families and investors.

Finance Minister Bruno Le Maire has not yet endorsed the plan but has hinted that “fiscal stability must not come at the expense of fairness.” The opposition, meanwhile, has labelled the proposal a “political gesture rather than an economic solution.”

If approved, France would become one of the first major economies in Europe to adopt a modern ultra-wealth tax, setting a potential precedent across the EU. Supporters say it would send a powerful message that France is serious about tackling inequality; critics argue it risks deterring investment and innovation.

As France navigates a period of political tension and economic uncertainty, the debate over the “Zucman tax” underscores an enduring truth in French politics — that in times of crisis, questions of wealth and fairness are never far from the surface.