Economist Gabriel Zucman argues wealth tax faces same pushback as early income tax

Gabriel Zucman, professor at the Paris School of Economics and co-founder of the EU Tax Observatory, discussed the challenges of implementing a global wealth tax in a talk at Budapest's Corvinus University. He compared current criticism of wealth-tax proposals to the backlash against personal income taxes when they were first introduced over a hundred years ago. Drawing on studies that reveal the ultra-wealthy’s low effective income-tax rates, particularly in the United States, Zucman advocated for a minimum wealth-based levy that would apply to those with net assets above a high threshold.

He emphasized that the tax design should avoid loopholes, set a clear asset-based base, and consider international coordination to prevent avoidance through relocation. Zucman also called for systematic data collection on tax contributions across all income groups to inform public debate.