French parliament rejects Zucman wealth tax on high net worth individuals

The French National Assembly rejected the Zucman tax on high net worth individuals proposed by the left, by 228 MPs to 172, and its "light" version by 228 MPs to 171. The Prime Minister Lecornu said the amendments were rejected in a vote that cannot be described as a “show of force.”

He also said he doesn’t believe it’s possible to find a constitutionally acceptable tax that would bring in as much as €10 billion to €15 billion. French economist Gabriel Zucman has said such a tax on the mega-wealthy could raise around 20 billion euros per year from just 1,800 households.