'Zucman tax': What the proposed wealth tax would mean for France

A protest in the streets of the eastern French city of Besançon, on September 18, 2025. LEO KELER/HORS FORMAT FOR LE MONDE

As France prepares for a tense budget battle in Parliament, a proposed wealth tax known as the "Zucman tax" has electrified the debate. Its supporters see it as a "measure for tax equity," and have advocated it as the solution to the country's debt crisis, by making the ultra-rich contribute more. The measure's detractors argue that the tax on households with a net worth of more than €100 million will contribute to tax flight and would represent "a terrible curb on investment and on risk-taking for businesses."

What is really known about the Zucman tax and its possible effects? How does it differ from previous wealth taxes? Would it help refill the state's treasury, or would it, instead, drive away the wealthiest taxpayers, depriving France of significant tax revenue? Is it unconstitutional, as some have claimed? Le Monde takeq a closer look at the main issues that underpin this heated debate.

Read our interview with the tax's architect

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