Paris, October 25, 2025 — The Europe Today: France’s Prime Minister Sébastien Lecornu on Friday called on lawmakers to reach a compromise to pass the country’s austerity budget, following threats by leftist parties to topple his government if the plan does not include a tax on the ultra-wealthy.
Speaking in the National Assembly, Lecornu pledged to secure approval of the spending bill in a deeply divided parliament by the end of the year, after the legislature previously ousted his two predecessors over cost-cutting measures.
“The budget the government is putting forward is imperfect,” Lecornu acknowledged, opening the debate on Friday afternoon. He added, “The government is ready to take part in an open and transparent debate … including by amending our own text.”
However, he emphasized that no single party could dictate parliamentary decisions, urging instead “a culture of demanding debate between lawmakers who initially have different convictions” and calling for discussions on “tax justice.”
Earlier this month, Lecornu agreed to suspend a controversial pensions reform to secure support from the Socialists, a swing group in parliament, for a confidence vote in the lower house. He has also pledged not to invoke constitutional powers to pass the budget without a vote, a tactic used by previous governments.
Despite this, the Socialists have insisted on a tax on the ultra-rich, which Lecornu has refused to include in the draft budget. Socialist leader Olivier Faure warned, “If there is no progress by Monday, it will be over,” stressing the need to tax mega-inheritances and ultra-wealthy individuals.
The proposed “Zucman tax,” named after French economist Gabriel Zucman, would levy a minimum two percent tax on assets exceeding €100 million, potentially generating around €20 billion annually from approximately 1,800 households. Faure cited billionaire Bernard Arnault – whose fortune recently surged by $19 billion – as an example of those who would be affected. Arnault owns roughly half of LVMH, the luxury goods conglomerate.
The left-wing parties are expected to present the Zucman tax proposal for parliamentary discussion on Saturday. However, the government and far-right factions oppose taxing professional assets, which the measure targets. Instead, the government favors taxing wealth management holdings with at least €5 million in assets, a measure expected to raise about €1 billion from 10,000 taxpayers.
France has faced political deadlock since President Emmanuel Macron called for snap parliamentary elections last year. While intended to consolidate his power, the elections resulted in Macron’s centrist bloc losing its majority and the far-right gaining significant parliamentary representation.
