The “crois” citizens of France are targeted by the tax authorities. In particular, the country’s national assembly approved today Thursday, an amendment included in the state budget for 2025 and foresees the imposition of a tax on billionaires.

What the amendment provides for the taxation of billionaires

The Zoukman amendment, proposed by left-wing MPs from the Insubordinate France party and inspired by French economist Gabriel Zoukman who advocates a global tax on billionaires, provides for a 2% tax on citizens whose wealth exceeds one billion euros.

The proposed tax, which left-wing lawmakers say could bring in an additional €13 billion in revenue, is still a long way from being implemented, as amendments to the 2025 budget plan will also need to be approved by the Senate. The budget debate is expected to last until December.

The government’s 2025 budget plan, announced earlier this month, aims to reduce the huge budget deficit with tax increases and spending cuts of 60 billion euros.

The “hard” path of the budget

The budget plan is expected to have a difficult journey through parliament from opposition parties.

Prime Minister Michel Barnier may have to use special constitutional powers to bypass parliament, although doing so would likely trigger a motion of no confidence against his fragile government.