“The very wealthy individuals affected by this measure, and the media outlets they own, have spoken out very vehemently on the subject in an attempt to discourage the government from engaging in any form of reflection or discussion,” Zucman said.
However, the 38-year-old, who teaches at the Paris School of Economics as well as the University of California, Berkeley, is grateful that the political and media attention has contributed to “a better understanding” of the issues surrounding taxation.
“I am happy as the level of the debate has improved,” he said.
It’s not too late
Lecornu’s resignation has plunged the country into deep political and financial uncertainty. Borrowing costs rose on the news while the euro fell by over half a cent against the dollar, a rare instance of domestic political upheaval having effects beyond France’s borders.
Zucman sees the problem as something that can be fixed rather than an existential threat that could drag down the entire eurozone, thanks in part to the French public’s high level of private savings and the assets they already own.
“We should not dramatize,” Zucman said. “France is not at the mercy of its international creditors.”
Taxing the private assets of the ultrarich, Zucman contends, would help France to overcome its budget crisis.
“It is a problem that financially has a solution and this solution belongs to the French,” he said.