bernard arnault wealth tax france backlash 1234753159

Bernard Arnault, the billionaire art collector and LVMH chairman, harshly criticized a proposed French tax on the ultra-wealthy, calling it "offensive" and "deadly for our economy." The plan, devised by economist Gabriel Zucman, would impose a 2% tax on the wealth of the richest individuals, projected to raise 20 billion euros ($27 billion). Arnault, worth $156 billion according to Forbes, insulted Zucman as a "far-left activist" with "pseudo-academic competence," prompting a rebuttal from Zucman and support from economist Thomas Piketty.