France is considering imposing a wealth tax on the rich.

In order to reduce the budget deficit, the French government is considering levying a 2% wealth tax on the wealthy. France's richest man and chairman of the luxury goods group LVMH, Bernard Arnault, criticized French economist Gabriel Zucman, who proposed the tax plan, on the 21st, calling him a "pseudo-scholar" who wants to "destroy the French economy." This proposed wealth tax, dubbed the "Zucman tax" by the French media, would levy a tax rate of at least 2% on individuals with assets exceeding 100 million euros.