Bernard Arnault Criticizes France's Proposed Billionaire Tax

Bernard Arnault, chief of luxury conglomerate LVMH and the wealthiest individual in France, has openly criticized a proposed 2% tax on billionaires. He perceives the levy, aimed at fortunes exceeding 100 million euros, as a significant threat to the French economy.

The tax, gaining momentum in France, is backed by the Socialist Party, which is pushing Prime Minister Sébastien Lecornu to incorporate it into the 2026 budget. Failure to do so might lead to a confidence vote, potentially destabilizing the government. Arnault vehemently opposes the tax, attributing its proposal to Gabriel Zucman, a renowned economist and alleged 'far-left activist.'

Zucman, known for his academic work at prestigious institutions, refutes claims of political activism, maintaining his focus on equitable economic systems. The tax proposal enjoys substantial public approval, with an 86% approval rate in a recent poll.