The Zucman tax: justice tax or budgetary mirage?

Promoted by the economist Gabriel Zucman, the "Zucman tax" is now part of the French tax debate. The idea: to establish a minimum tax on very large fortunes, in order to ensure that the ultra-rich contribute at least 2% per year of their wealth, when their existing taxes are below this threshold.

Specifically, the measure would target around 1,800 households in France with a net worth of more than 100 million euros. Its promoters argue that this could generate between 15 and 25 billion euros in annual revenue, a useful windfall to reduce the deficit or finance the ecological transition. A safeguard is also planned: even in the event of expatriation, the tax would remain due for five years.

The favorable arguments

Restore a form of fiscal justice by reducing the gap between the effective tax rates of the middle classes and those of the ultra-rich.

Ensure a significant source of government revenue.

Send a strong political signal on the contribution of great fortunes.

The critics

Risk of tax exile and increased optimization, reducing the effective yield of the tax (estimated rather around 5 billion euros by some analysts).

Difficulty in valuing unlisted assets, real estate or artistic.

Fears of a negative effect on investment and the attractiveness of the territory.

Uncertainty about the constitutionality of such a tax, if deemed confiscatory.

In summary
The Zucman tax illustrates the recurring dilemma of wealth taxation: reconciling social justice, fiscal performance and economic competitiveness. If its final adoption remains uncertain, it nevertheless reflects a global trend to rethink the taxation of the great fortunes in a context of strong budgetary tensions and increased demand for redistribution.

The central question remains: can we really effectively tax the ultra-rich on a single country scale, at a time when capital is circulating on a global scale?