Gabriel Zucman is a French economist who proposed a 2% annual tax on wealth exceeding €100m. The proposal, known as the taxe Zucman, would affect France's richest 1,800 households and could raise €15bn-25bn a year by Zucman's estimate—though other French economists put the figure at only €5bn, owing to tax exile and optimisation.
Zucman calculates that the top 0.01% of French households pay a lower effective tax rate than everyone else, thanks to tax-optimisation vehicles. He estimates the average effective tax rate in France at 50%, compared with 27% for billionaires. The tax has become a totem for the French left; a poll in September 2025 found 86% of the public in favour. Bernard Arnault called Zucman "a far-left activist". Arthur Mensch, co-founder of Mistral, went on television to argue that his wealth is virtual; Zucman suggested entrepreneurs could pay "in kind" by handing shares to the state.
When some people decide it's time for everyone to make big changes, it means that they want you to change first.