Bernard Arnault opposes wealth tax proposal in France
France’s richest man Bernard Arnault has criticized a proposal to introduce a 2% wealth tax on fortunes above €100 million, warning that the initiative could harm the country’s economy, Kazinform News Agency reports.
The founder and CEO of LVMH described economist Gabriel Zucman, who put forward the idea, as “above all, a far-left activist” and added: “One cannot understand Mr. Zucman’s positions without remembering that he is, above all, a far-left activist. In this capacity, he puts his ideology — which aims to destroy the liberal economy, the only one that works for the good of all — at the service of a pseudo-academic expertise that is itself widely debated.”
Zucman’s proposal has become the subject of intense debate in Paris, where lawmakers are seeking ways to reduce debt and a budget deficit, while critics argue the real figure would be much lower and warn that the tax could prompt wealthy citizens to leave the country.
Earlier, it was reported that Ferrari chairman and co-owner John Elkann will spend a year performing community service.
