It would bring in 20 billion a year and would affect 1,800 households: the "Zucman" tax targeting assets of more than 100 million euros massively rejected by the Senate

A magic cure for spiraling public finances or a "negative signal " to major entrepreneurs? In an alarming budgetary context, and while the government is targeting €40 billion in savings to prepare the next budget, the examination of this "Zucman tax" has rekindled the eternal debate on tax justice.

Unsurprisingly rejected by 129 votes to 188 in the Upper House after its adoption in the National Assembly, the bill put forward by the ecologists provides for the application of a "differential contribution" targeting assets of more than 100 million euros.

The goal: to ensure that these "ultra-rich" taxpayers pay at least 2% of their wealth in tax . This will prevent the avoidance effects observed in the taxation of certain multi-millionaires, who are able to structure their wealth to reduce their tax burden.

1,800 households affected

"It's a scheme that's extremely targeted at the extremely wealthy, and especially those among the extremely wealthy who currently pay very little tax," says economist Gabriel Zucman, director of the European Tax Observatory, who brought this proposal to the global level on the official G20 agenda last year.

According to him, this would bring in around 20 billion per year and would affect 1,800 households.

Alongside two internationally renowned French economists - Olivier Blanchard, former chief economist of the International Monetary Fund (IMF) and Jean Pisani-Ferry, architect of Emmanuel Macron's economic program in 2017 - he defended this mechanism in an article in Le Monde on Wednesday, "the most effective" according to them to reestablish the "constitutional principle of equality before tax" .

At the same time, around fifty mayors supported this reform on Tuesday in a column in Nouvel Obs, and yesterday morning, around twenty activists from the NGOs Attac, Oxfam and 350.org gathered in front of the Luxembourg Palace to present senators with a petition in favour of this tax, signed by almost 64,000 citizens .

But behind this civil society mobilization, the observation remains clear: no political consensus has emerged on this measure. The Senate and its majority right-centrist alliance, with the support of the government, effectively rejected it after several hours of impassioned debate, despite the deserted ranks of the right.

Reasons for the rejection, put forward by its detractors: the fear of sending a "negative signal to foreign investors" , the possible "unconstitutionality" of the system, and above all the threat of tax exile for the targeted households .

"The only risk of this tax is that ultimately no one will pay it, because it will lead to certain expatriations for an uncertain return," Public Accounts Minister Amélie de Montchalin told senators. She said she would prioritize correcting certain "over-optimization" mechanisms before the budget debates in the autumn.

"This system is completely confiscatory and violates equality before tax," insists Horizons Senator Emmanuel Capus, rapporteur of the text in the Senate.

Fear of a "tax illusion"

Emmanuel Macron went along the same lines yesterday during the Council of Ministers: "In an open economy, we must remain attractive to capital," he insisted, referring in particular to this "Zucman" tax according to one participant, promising to be "vigilant" so as "not to undo what has been done."

The governor of the Bank of France, François Villeroy de Galhau, also called for caution, fearing a "fiscal illusion" on FranceInfo.

The Green senators, who rallied the entire left and even a handful of centrists to their vote, regretted the rejection of the text, promising to "redefend the measure" in the 2026 budget proposal . "This is only the beginning of the battle for equality before taxation," they stated in a press release. But in the face of reluctance, there is no guarantee that they will win their case.