French lawmakers have dismissed proposals from the Left to implement a wealth tax on the ultra-rich, instead endorsing a more restrained government plan targeting assets kept in holding companies. This decision comes amid mounting pressure from Socialist lawmakers, angered by the rejection of the wealth tax.

To appease the Socialists, who recently threatened a government overthrow if billionaires weren't taxed further, Prime Minister Sebastien Lecornu offered a compromise by agreeing to consider lifting freezes on pensions and welfare benefits in the 2026 budget. Despite this concession, deeper divisions remain within France's tumultuous parliament over taxation policies concerning the wealthiest citizens.

The debate intensified as centrist, conservative, and far-right lawmakers unified

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