On the sidelines of the Davos summit, American millionaires call for higher taxes, but their French counterparts remain silent despite revealing private discussions. Cécile Duflot from Oxfam France polled eight to nine French billionaires on the Zucman tax, and several self-made ones do not oppose it, though none voice it publicly.
The Davos summit starts this Monday, January 19, accompanied annually by an initiative from about 400 'patriotic millionaires,' mostly American. In a joint letter, they warn of the dangers of rising inequalities since the 1980s to democracy. 'When even millionaires like us recognize that extreme wealth costs everyone else, there can be no doubt that society is dangerously on the brink,' they write. Signatories include Abigail Disney, heir to the Disney empire, Morris Pearl, former BlackRock executive, and musician Brian Eno.
In France, the contrast is striking. During the debate on the Zucman tax – a 2% annual wealth tax on centi-millionaires and billionaires – Cécile Duflot, Oxfam France director and former minister, met eight to nine billionaires to gauge their views. Outcome: Not all oppose extra taxation, especially those who built their fortunes themselves. These self-made individuals, having known life before wealth, grasp the need for fiscal justice. Yet, none agree to speak out publicly. 'They don't want trouble,' sums up Ms. Duflot.
This discretion highlights reluctance to engage openly, even with proposals seen as fair privately. The international initiative spotlights a global call for more equitable taxation, while France watches from the sidelines.
