The closing of France Digital Day offered a singular scene with an exchange between Gabriel Zucman, professor at the École normale supérieure and director of the European Tax Observatory, and Philippe Aghion, professor at the Collège de France, at INSEAD and the London School of Economics. Faced with several hundred entrepreneurs and investors, the two economists have debated the subject of the taxation of great fortunes and its potential effects on innovation.
A tax that targets 1,800 taxpayers
The proposal defended by Gabriel Zucman consists in establishing a minimum tax of 2 % on the assets of tax households holding more than 100 million euros, or around 1,800 people in France. This tax would not target companies but individuals. “It is not a question of surcharge those who already pay a lot,” said Gabriel Zucman, but preventing billionaires from paying less than the middle classes. »»
To support his reasoning, the economist mobilizes historical precedents. He cites the creation of progressive income tax at the beginning of the 20th century, which had sparked the same catastrophist predictions: “The opponents of Joseph Caillaux predicted the death of innovation and entrepreneurs. History has shown the opposite. Gradual tax has made it possible to finance education and research, essential engines of productivity and growth. »»
The risk of reaching the work tool
Philippe Aghion, while sharing the redistributive objective, warns against a blind application. “My problem with the system proposed by Gabriel is that it includes the work tool. Taxing a professional heritage whose valuation is volatile and not carried out, it is not fair, ”he insisted.
According to him, the concrete effect could be counterproductive. “Look at the case of artificial intelligence. Entrepreneurs like Arthur Mensch, at the head of Mistral AI, do not yet have cash flow (liquidity editor’s note;) but must reinvest each euro in their business to remain competitive. Asking them to sell shares to pay a tax would amount to weakening France at the very moment when it can play a major role in the IA revolution. »»
Convergences and divergences
The two stakeholders have agreed on several points: the need for progressive taxation, the importance of further involving high heritage and the fight against the abusive use of heritage holdings to escape tax. But their visions differ on the method and the scale.
Gabriel Zucman swept the argument of illiquidity by evoking the American example: “We said the same thing about Elon Musk’s fortune, supposedly virtual. Then, overnight, he found tens of billions to buy Twitter. Wealth exists and it gives very real power. »»
Philippe Aghion replied by offering other avenues: “I am in favor of a stronger contribution from high heritage, but there are alternatives. The ISF can be restored, tax the non -productive resources placed in the holdings, or even exempt companies under ten years from a tax of this type. »»
The European dimension
The question of the scale appeared central. Philippe Aghion considers that a tax adopted only in France would cause the gains of hard -acquired attractiveness to lose: “France is already one of the countries that most tax capital with Denmark and Luxembourg. If it acts alone, it turns into a tax prison. »»
Zucman defends a reverse logic, believing that France must play a driving role: “VAT was invented here in 1954 before being taken up by the whole world. The digital services tax has followed the same path. Sometimes you have to start alone to train others. »»
A dilemma for French Tech
The exchange highlighted a central dilemma for the ecosystem. If the founders of startups do not think of taxation when creating their business, but uncertainty can become an obstacle as soon as their company has strong valuations. As Frédéric Mazella, co-president of France Digital in the introduction: “Our 16,000 companies represent more than 1.5 million direct and indirect jobs. Their balance is based on the attractiveness of France for talents and capital. »»
Gabriel Zucman recalls that “the proposal does not concern entrepreneurs at the start of their journey, but the billionaires who, today, come out of the field of national solidarity”. Phillipe Aghion replies that he does not want “that France, after having missed the Revolution of Information Technologies, lacks that of artificial intelligence”.
Between fiscal justice and international competitiveness, the debate remains open, in conclusion of the debate, Maya Noel Director General of France Digital proposed to the debt to organize an exchange with entrepreneurs of the FrenchTech and Gabriel Zucman, who took over the deprived of the thumbs of both hands. To be continued! …
