At only 39 years old, the French economist Gabriel Zucman (Paris, 1986) has become a reference for the world’s progressive left and the nemesis of a good part of the ultra-rich. Famous for his studies on tax evasion and avoidance by multinationals and mega-millionaires, his proposal to create a minimum tax of 2% on fortunes of more than 100 million euros, known as Zucman ratewas about to be approved in its native country. “The Senate blocked it, but it is not going to disappear,” he said during an interview at the Moncloa Palace held this Friday, after the signing of a memorandum with the Government to collaborate in research on how to improve tax systems. “Billionaires should not be allowed to pay less (taxes) than the rest; it is a violation of our most basic principles of equality before the law,” says the director of the International Tax Observatory, before listing the initiatives and interest that this debate is generating around the world. “We are already facing a turning point,” he says.
Ask. When will there be a Zucman tax in Spain?
Answer. As soon as possible. All countries need this new principle. It is not a technical or fiscal issue. They are unavoidable duties towards society. A minimum tax on the super-rich is important and urgent for three reasons. The first is fairness: they should not be allowed to pay less than everyone else; It is a violation of our most basic principles of equality before the law. Secondly, the taxes that the super-rich do not pay end up being paid by the rest of the population. And the third and most important is the democratic emergency. With the rise of extreme wealth, the power of billionaires has skyrocketed. This always generates tension with democracy, with dramatic consequences for the population. We are seeing it in the United States. It would be a mistake to think that it cannot happen here. With this rise of extreme wealth, we need to create new principles, policies and institutions to protect democracy.
Q. Can Spain lead this initiative? Has the Government committed to approving the tax?
R. Spain is already a reference. He is leading the start of a coalition of countries that have agreed to work together to promote this minimum tax. The debate began in 2024, when Brazil presided over the G-20. After Trump’s re-election, the possibilities of progress in that forum have been diminished. It is now crucial to act at the national level. Progress is not achieved through large international agreements, but when a country leads by example and begins to implement it.
Q. Is one country enough?
R. Yes. The fear that is always stirred is that the billionaires will leave the country, and that therefore it is necessary to apply the tax in a coordinated manner at a global level. It isn’t true. Any country can combine the tax with a shield against flight: if the super-rich move abroad, they will remain subject to the minimum tax for five, ten, fifteen years…
Q. What is missing for us to have that tax?
R. Nothing. All the ingredients are there. The first and most important is the overwhelming popular support. Secondly, there is a proposal, the feasibility and practicality of which I think everyone understands, and there is an urgency to do something. He status quo It is very difficult to defend. Now it is a matter of political will to make it a reality.
Q. Is only political will needed or are there actors blocking change?
R. These changes always take time. The discussion began internationally in 2024 and in Spain, at the national level, very recently, with Sumar. It’s not a matter of days or weeks. It is about expanding the reach of democracy, about bringing the super-rich into the realm of national solidarity. We will get there, and perhaps it will be relatively soon, given how quickly the debate is evolving. In California, signatures are being collected to create a flat 5% tax on billionaires. It would be the first in the world. The French National Assembly was the first parliament to approve, just a year ago, the 2% minimum tax. The Senate blocked it, but it’s not going away. We are facing a turning point. I believe that the years 2025 and 2026 will be seen as the beginning of a new international movement, the beginning of a change of trend.
Q. Why couldn’t it be approved in France?
A. First of all, because of the political situation: the Senate is dominated by conservative parties. Furthermore, the richest used all their weapons to spread fear, mainly through the media they own and control. They said “we pay zero and we want to stay that way,” claiming that any other figure would destroy the economy. All of this slows down the process, but cannot stop it. France is in a very serious budget situation. It will no longer be possible to ask everyone else to pay more taxes or see their healthcare cut while the ultra-rich are untouchable, now that it has become clear that they pay almost no income tax. It is not sustainable. It will come to an end, either in the 2026 budget debate or after the 2027 presidential election.
Q. How did it get to the point where the super-rich pay almost no taxes?
R. It’s probably always been like this. Through extensive international research we have discovered that income tax has consistently failed to effectively tax the super-rich. It is very easy for them to avoid this by structuring the estate in such a way that it generates little or no taxable income. The wealth tax, where it exists, such as in Spain, has also failed, because it has always had exemptions for business assets, which constitute almost all of the wealth of the super-rich. That is why we need a minimum floor. Billionaires who already pay a decent amount—if the sum of personal income tax and assets already equals at least 2% of their total wealth—will not have to pay anything more with my proposal.
Q. Spain already has a regional and a state tax on wealth. What would happen to them?
R. They would stay and the new one would be complementary. An additional contribution would only be requested from billionaires who pay less than that 2%. It is not an extra tax, but a safeguard.
Q. How much would be raised?
R. In Spain, it would generate about 5,000 million annually in additional income. It is probably a conservative estimate, which needs to be refined. Just today (Friday) we launched a collaboration with the Treasury to shed more light on exactly how much revenue is at stake. It is a blind spot of public statistics in all countries, which remain silent about the wealth of the super-rich, their income and their tax payments, despite their importance. That is why we have been able, working with tax administrations in almost 10 countries so far, to dispel this opacity. We hope to do it now also in Spain.
Q. One of the great causes of inequality in Spain is housing.
R. The housing access crisis is part of the broader problem of the skyrocketing cost of living, and part of the solution is to ask for more from those who have the most and pay insufficient taxes. This could reduce taxes on the middle class or invest more in public services: housing, education, health, infrastructure.
Q. 10% of the world’s population has 75% of the wealth. Would taxing the richest more reduce this enormous inequality?
R. I want to be clear: the minimum tax alone is not going to be enough to reduce the concentration of wealth. It is not the definitive solution to the increase in inequality. Billionaires’ wealth is growing so fast (10% per year on average) that even with a 2% tax, their wealth would still increase by 8% per year on average, much faster than the average wealth growth rate of the average person.
Therefore, it is not enough, but it is necessary. And it is in a broad sense: we need a new international movement in which we work together—Spain, Brazil, France, South Africa, etc.—to rewrite the rules of the economic game in a way that protects democracy, workers and the environment. This initiative is the embryo of what could be a new internationalism, alternative to the vision trumpist based on coercion, the preeminence of wealth and plutocratic capture of governments.
Q. It seems that the world is moving towards the extreme right. Will it stop the process?
R. We return to the various initiatives that are emerging in Brazil, California, France, Belgium, Spain, the United Kingdom… If we move forward on this issue, it will reduce the appeal of far-right movements, which thrive on the idea that governments are powerless to exercise any kind of authority over the most powerful economic actors. It is crucial to demonstrate that governments have the power to exert authority over billionaires and that we can make concrete progress toward greater economic justice. Then a range of possibilities will open up and faith will be restored to many people. If we can do it with billionaires, we can do it with multinationals and rewrite the rules of international trade.
Q. Mention multinationals. The OECD minimum tax has been decaffeinated. Have we returned to square one?
R. Unfortunately, it has been drastically weakened. Many loopholes were introduced and, more recently, the United States has been exempted from the common rules. But we have not returned to the starting point. Now we know what we can wear, which is part of the realm of the possible. The topic will come back and we will do better next time.
Q. He has become a reference for the left. Have you thought about entering politics?
R. I like what I do so much: research, guide students, have the freedom to work on the topics that interest me, develop the observatory… This work has influence and certain critical repercussions. I am very happy.
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