Commentary

France Should Export a Warning, Not Its Tax Ideas

By Veronique de Rugy
Thursday, October 22 2026

French economist Gabriel Zucman has come to California bearing a familiar French solution to a fiscal problem: another tax. Once based at the University of California, Berkeley, Zucman is back and campaigning for Proposition 40, which would impose an allegedly one-time 5% tax on the net worth of Californians worth more than $1 billion. Zucman, who coauthored the proposition, estimates that the tax could raise about $100 billion and claims that 90% of the proceeds would go to health care. The California Legislative Analyst's office is far more cautious, saying it would raise only "tens of…

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