Debate over excluding professional assets from Zucman tax
France's Medef criticizes the Zucman tax by advocating exclusion of professional assets, but Gabriel Zucman counters that it would empty the tax of its substance. This controversy arises amid fiscal reforms targeting great fortunes in France. Arguments from both sides highlight tensions over taxing the wealthiest.
The Zucman tax, a proposed wealth tax targeting France's richest, is at the center of a heated debate. Introduced amid fiscal reform efforts, it aims to restore equity by focusing on great fortunes. On October 2, 2025, Gabriel Zucman, the economist behind the proposal, published an op-ed in Le Monde defending the inclusion of professional assets.
Zucman argues that « excluding professional assets would empty the tax of its substance and exempt the largest fortunes from the tax meant to target them ». In his view, such an exclusion would undermine the tax's effectiveness, allowing the ultra-wealthy to evade its scope. This stance fits into a broader fight against inequality, where professional assets—often held by family businesses or executives—should not be shielded.
Meanwhile, Medef, France's leading employers' union, has launched an attack on the tax. An article in Le Monde's Décodeurs section on the same day describes this effort as « clumsy ». Medef advocates excluding professional assets, claiming they are vital to economic activity and that taxing them would hinder investment and jobs. This reflects business concerns over what it sees as punitive taxation.
The debate pits Zucman's progressive outlook against Medef's economic interests. No major contradictions appear in the sources, but viewpoints differ on economic impacts: Zucman sees exclusion as protecting fortunes, while Medef views inclusion as threatening competitiveness. This controversy could shape upcoming legislative discussions on wealth taxation in France, where the Zucman tax is eyed as a key tool for funding social measures.