France Rejects Zucman Wealth Tax, Approves Holding Company Levy
The Spin
Left narrative
France's new wealth tax smartly targets unproductive assets like yachts and art while protecting productive investments and family homes. The modest reform broadens the tax base to include financial assets that billionaires use to dodge taxes. This fair approach generates billions in revenue while encouraging productive economic activity.
Right narrative
France is lucky its lawmakers only went this far, as Zucman's agenda would devastate the economy by forcing business owners to liquidate assets, creating effective tax rates exceeding 100% of income. If the far left gets its way, France will see a mass exodus of businesses — accelerating its economic decline when the country desperately needs fiscal sanity.
Establishment-critical narrative
The mainstream French right and left are failing their constituents, even after historic public outrage and no-confidence votes. While the left's Zucman tax raises a mere €5-20 billion against a €3 trillion debt and doesn't account for capital flight, the right-wing National Rally fantasizes about unrealistic €100-billion cuts. The only solution is to expropriate the ruling elites.
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