French Lawmakers Reject Wealth Tax Proposals for Budget (1)

France’s National Assembly rejected wealth tax proposals in a budget debate that risks toppling Prime Minister Sebastien Lecornu.

Leftist lawmakers demanded the implementation of the tax named after economist Gabriel Zucman that would put a minimum 2% levy on fortunes over €100 million ($116 million). Amid strong opposition from the right and the government, Socialists also tabled an amendment known as Zucman-lite with exemptions for innovative and family-owned companies.

Both were rejected in a series of votes on budget amendments on Friday.

The government opposed the proposals saying France has never taxed business assets and the measures would ...