Gabriel Zucman
speaker
485 appearances
1 recordings
1 series
first heard Jul 2026
last heard 12 Jul
Gabriel Zucman’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
The Rest Is Politics: Leading · 197. The Billionaire Tax Debate (Gabriel Zucman) · 12 Jul 2026
podcast
The problem is that they report no or very low income.
And how do they do that?
because they put their wealth, which mostly corresponds to shares in companies, into holding companies, personal holding corporations.
And those holding companies earn income, primarily dividends or capital gains, free
from the individual income tax.
They don't pay income tax on that income.
No, the holding companies don't pay corporation tax.
True.
If a holding company
receives dividend income from a business that it owns, then it's not going to pay tax on that dividend income.
It's the same in France, it's the same all across the EU, it's the same everywhere, with just one exception, which is the US.
which had those debates in the 1930s when, in 1933, the New York Times revealed that J.P.
Morgan had paid no income tax in 1931 and 1932.
For the outrage, there was an inquiry.
The individual, yes, which was one of the largest fortunes of the time.
And so what they found out is that there was a systematic use of personal holding companies to avoid the individual income tax.
But that was during the New Deal, and the Americans at the time, they said, that's not okay.
That's not how the income tax should work.
And so they created what is known as the personal holding company tax, which is a tax specifically on holding companies to discourage people from doing this type of tax avoidance.
And so ever since 1937 in the US, the US billionaires have not been able to do this kind of tax avoidance.
Showing 221–240 of 485 · page 12 of 25
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