Billionaire CEO Bernard Arnault, who heads luxury goods group LVMH and was previously the richest man in the world, criticised the proposed 2% tax on billionaires, calling it an assault on France’s economy.
In a statement to The Sunday Times, he also dismissed French economist Gabriel Zucman, the architect of the proposed tax, as a “far-left activist” whose “pseudo-economic competence that is itself widely debated.”
Zucman, a professor at the École Normale Supérieure, Paris, and the University of California, Berkeley, challenged Arnault’s contention, saying seven Nobel Prize winners in Economics supported his 2% tax proposal.