Table of Contents
- Global Momentum Behind Wealth Taxes
- France Divided Over Zucman Tax
- A Brief History of Wealth Taxes
- Pros and Cons: What Experts Say
- What’s Next for Global Wealth Taxation?
- Sources
Global Momentum Behind Wealth Taxes
Wealth taxes are making a dramatic comeback. From Paris to Washington, policymakers are revisiting an old idea to tackle rising inequality and ballooning public debt. With the world’s top 1% owning 43% of global wealth, public demand for taxing extreme fortunes is surging.
In October 2025, Britain’s Labour Party delegates rallied behind a wealth tax proposal. Polls show three-quarters of Britons support it. Even countries like Germany and Ireland—once skeptical—are re-evaluating their stance after repealing such taxes decades ago.
France Divided Over Zucman Tax
The debate hit a fever pitch in France this week. Lawmakers clashed in the National Assembly over the so-called “Zucman tax”—a proposed 2% levy on households with net worth exceeding €100 million ($115.4 million). Named after economist Gabriel Zucman, the plan aimed to raise up to €20 billion from just 1,800 ultra-wealthy families.
Despite passionate arguments from left-leaning lawmakers like François Ruffin—who noted that the top 500 fortunes doubled by €600 billion in eight years—the proposals were defeated. Conservative opponents, including Laurent Wauquiez of Les Republicans, called it “tax mania” that would “discourage entrepreneurs.”
A Brief History of Wealth Taxes
Wealth taxes aren’t new. In fact, they date back centuries:
| Year | Country/Region | Milestone |
|---|---|---|
| 1600s | Massachusetts Colony | Taxed land, ships, jewelry, and livestock |
| 1892 | Netherlands | First national wealth tax |
| 1935 | Colombia | Introduced wealth tax during economic crisis |
| 1990 | Europe | 12 countries had wealth taxes; most later repealed |
| 2022 | Spain | Launched “solidarity wealth tax” post-pandemic |
Today, only Norway, Switzerland, and Spain maintain broad-based wealth taxes. France, Italy, Belgium, and the Netherlands tax specific assets—but not total net wealth.
Pros and Cons: What Experts Say
Why Supporters Back Wealth Taxes
- Targets dynastic wealth that often escapes income taxation
- Reduces political influence of billionaires
- Generates revenue without hurting middle-class taxpayers
Critics’ Concerns
- Logistical nightmare: How to value art, NFTs, or private islands annually?
- Risk of capital flight to tax havens
- Potential disincentive for innovation and investment
Still, Nobel laureates Esther Duflo and Abhijit Banerjee argue fears are overblown. “Higher taxes don’t make the rich work less,” they note, citing evidence from sports and executive compensation.
What’s Next for Global Wealth Taxation?
The push isn’t slowing. In 2024, Brazil—then leading the G20—commissioned Zucman to design a global minimum wealth tax. The Tax Observatory, backed by the EU, proposes a 2% floor on the world’s ~3,000 billionaires.
Even in the U.S., Senators Elizabeth Warren and Bernie Sanders championed wealth tax plans during the 2020 election. Though none passed, the conversation has shifted. “All battles of this nature take time to win,” Zucman said after Friday’s defeat in Paris. “There’s huge public demand.”
