Why is it so complicated politically to tax more the richest, even if the idea is making its way?

Should we reduce public spending or increase taxation to absorb France’s deficit? It is this question as economic as a political which divides the left and the right, while François Bayrou will present, by July 14, the main orientations of the 2026 budget and a multi -year plan to recovery of public finances. The Prime Minister warned at the end of May that he was going to ask “An effort to all French people. As fair as possible, but sufficient effort”. Could it, among other things, make announcements on the taxation of the greatest fortunes? The idea, in any case, is making its way in the political class, as shown by recent debates in the National Assembly and in the Senate.

The “Zucman tax”, which Aims to establish a floor tackle on fortune (IPF) of 2%, has been the subject of harsh discussions. The bill Posed by environmental deputies was even adopted in the National Assembly, in February, before being rejected Thursday June 12 by a Senate dominated by the right and the center. The device, inspired by economist Gabriel Zucman, plans to further impose “ultra -ties” which have more than 100 million euros in heritage.

This measure would concern some 4,000 households domiciled tax in France, which should Apply, each year, from the equivalent of 2% of the value of their heritage in income taxes and fortune. The objective? That the wealthiest, who escape to a part of the tax thanks to of the “Tax optimization practices”According to the text, Pay a fair tax while bailing out the state funds, the deficit of which reached 5.8% of the gross domestic product (GDP) in 2024.

The principle of this tax was brought last year to the official G20 agenda, in Rio de Janeiro, and even received the support of several countries, including Brazil, Germany, Spain and … France, which defends this tax on an international level, but opposes it to the national level. “The ‘Zucman tax’ has a meaning if it is global. You think that if France all by itself puts a tax on heritage of more than 100 million euros, people will kindly stay to be taxed?”Launched the Head of State on TF1, on May 13, about a system that could bring up to 20 billion euros per year to the State, according to Gabriel Zucman. Beyond thea threat of the tax exile of targeted households, the government is also afraid of to send a negative signal to foreign investors.

The idea, however, had the merit of relaunching an old debate around the taxation of “ultra -ties”, but also high incomes as a whole, which the left regularly proposes to contribute more. “The idea ripens slowly in the spirits, but it faces resistance, because France is a very taxated country and the taxation of the rich is seen as a totem of the left”Analyze Simon-Pierre Sengayrac, Codirector of the Economy Observatory at the Jean-Jaurès Foundation. According to him, the measure would be more accepted if it only aimed to participate in the reduction of the deficit, the objective of the government, rather than to tax big fortunes, which the executive tastes moderately.

Described by his detractors as “the president of the rich”, the head of state has multiplied the tax reforms since the start of his first five -year term in 2017.Having the solidarity tax on fortune (ISF) by a real estate wealth tax (IFI), more limited, lowered the corporate tax rate (from 33% to 25%) or created one “Flat Tax “, a single flat -rate levy which limits taxation on capital income to 30%.

If Emmanuel Macron’s supply policy has had a positive effect on business creations, the return to France of the wealthiest taxpayerst The image of the country on the international scene, the effect on investment and the creation of jobs could not be measured, according to a report published in 2023 by France StrategyAn organism attached to Matignon. The academics, deputies, INSEE representatives or even social partners also noted that the tax policy of the Head of State had enabled an increase in dividends paid, for the benefit of a particularly limited population (In 2021, 1% of tax households affected 96% of dividends).

According to France Strategy, a reinstatement of the ISF in the same criteria as its abolition, in 2017, would report 6.3 billion euros per year to the State, or 4.5 billion euros more than the current property wealth tax. “But Emmanuel Macron’s totem is not to increase taxes, and it as its block advocates lowering public expenditure”, Rather than increasing taxes, including that of the richest, explains Simon-Pierre Sengayrac.

In A report by the Court of Auditors Published in July 2024, the impact of important tax cuts granted since 2017 was estimated at 62 billion less revenues for public finances. And certain measures only benefited at the easier: 0.1% of the richest taxpayers saw their standard of living increase by around 3.8% thanks to the “flat tax” (or pfu), according to A report from the Public Policy Institute (PPI) Posted in November 2021.

In a Another report published in June 2023The PPI estimated that the effective tax rate paid by the wealthiest 0.1% decreased as it climbed in the income scale: it increases from 46% for the start of the 26% tranche for the richest 75 households (billionaires). Data to put in perspective with the enrichment of the 40,700 richest households in France, which more than doubled in twenty years, underwent a study of the Ministry of Economy relayed by last January. The world.

Despite all these figures, the MEDEF and the big bosses remain standing against an increase in taxation. The measures voted in the 2025 budget – Exceptional contribution on high incomes at a minimum average rate of 20%,, Provisional surcharge of corporate tax – had provoked their anger. They believe that competitiveness would take a hit. The Totalnergies boss, Patrick Pouyanné, had thus mentioned a “Stupid”, While the CEO of LVMH, Bernard Arnault, had denounced a “DAIL tax in France” Who “Pushes to relocation”. An argument similar to that of the Head of State, who believes that a “Zucman tax” would have negative effects on the attractiveness of France.

While the governor of the Banque de France, François Villeroy de Galhau, called on Wednesday June 11 in Les Echos to an effort of “All, starting with the most favored”The government always intends to maintain its course to reduce state spending: the 40 billion euros in savings to be made next year will include cuts in ministries, the merger or abolition of a third of the agencies and operators of the State and the decline in the number of civil servants.