The Zucman Tax : A Threat to Visionaries and Wealth Creators

The Zucman Tax: A Threat to Visionaries and Wealth Creators

The Zucman Tax presents itself as a modern remedy to fiscal inequality, yet beneath its veneer of social justice lies a direct threat to those who build, innovate, and invest in France. By targeting fortunes above €100 million, this seemingly fair measure risks destabilizing our most dynamic entrepreneurs, whose wealth is above all the reflection of thriving, growing companies. Between the danger of discouraging investment, the specter of fiscal exile, and the potential blow to national competitiveness, the proposal is already stirring deep concern. For in punishing success, France may well be cutting the very branch upon which its economic prosperity rests.

The Zucman Tax: A Threat to Visionaries and Wealth Creators

“A Tax on Success: Why the Zucman Tax Threatens Our Entrepreneurs”

An Appealing Measure on Paper

Gabriel Zucman’s proposal has made headlines: introducing a minimum tax of 2% on fortunes exceeding €100 million. Presented as a tool for social justice, the so-called “Zucman Tax” claims to correct fiscal inequalities and ensure greater contributions from the wealthiest. At first glance, the idea is indeed appealing: it promises tens of billions of euros in additional revenue while projecting the image of a fairer distribution of effort.

Fortunes on the Front Line

Yet behind this seemingly simple promise lie considerable unintended consequences. Great fortunes are not merely numbers on a balance sheet: they often embody companies, jobs, and innovations. To heavily tax an entrepreneur whose wealth consists primarily of shares in their own business is, in reality, to weaken the company itself. Meeting such a tax burden could mean selling off assets, cutting back on investment, or slowing growth. In other words, taxing wealth risks putting the brakes on the real economy.

The Specter of Fiscal Exile

This is no mere theoretical concern. The history of France’s wealth tax (ISF) has already shown that the most mobile taxpayers do not hesitate to leave the country when the pressure becomes excessive. Should the Zucman Tax be enacted, it could trigger a new wave of fiscal exile, depriving France not only of the expected revenue but also of talent, capital, and entrepreneurs. The outcome would be doubly negative: fewer taxes collected and a lasting blow to the nation’s economic appeal.

An Affront to the Principle of Freedom

Beyond its economic consequences, the Zucman Tax also raises a matter of principle. The French Constitution prohibits any confiscatory tax. Yet levying 2% of wealth each year, on top of existing taxes amounts to seizing a significant share of private fortunes, often disconnected from the income actually received. The risk of the Constitutional Council striking down the measure is real. France cannot afford further legal and fiscal instability at a time when investor confidence is already fragile.

The Wealthy as Engines, Not Scapegoats

This debate above all reveals a troubling trend: turning great fortunes into scapegoats for a budgetary system in crisis. Yet it is precisely these fortunes that fund start-ups, invest in research, support cultural creation, and contribute to France’s economic influence abroad. Rather than stigmatizing them, France would do better to encourage these actors, fostering an environment of trust and stability that promotes investment and innovation.

The Real Issue : Competitiveness

The Zucman Tax presents itself as a response to inequality, but in reality it risks weakening a nation already grappling with sluggish growth, heavy debt, and fierce international competition. True social justice is not about undermining the most prosperous, but about creating the conditions for prosperity to spread. France needs capital, entrepreneurs, and great successes to finance its future—not a punitive tax system that drives its wealth creators away.