Wealth tax would be deadly for French economy, says Europe's richest man
10 hours ago
- #Bernard Arnault
- #wealth tax
- #French economy
- Bernard Arnault, Europe’s richest man, opposes a proposed 2% wealth tax on assets over €100m, calling it 'deadly' for France’s economy.
- The tax, proposed by economist Gabriel Zucman, could raise up to €20bn but may drive the ultra-wealthy out of France, reducing potential revenue.
- Arnault claims he is one of France’s largest taxpayers and warns the tax could 'destroy the liberal economy.'
- The debate over the wealth tax arises amid France’s political crisis and unpopular budget cuts.
- Zucman argues that extreme wealth concentration distorts democracy and fuels societal tensions.
- Arnault previously sparked controversy in 2012 by seeking Belgian citizenship but later withdrew his application.