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gabriel zucman
Economist Explains '$100-$150 Billion Per Year' Reason Trump Kidnapped Maduro
"The real goal of the Trump operation lies elsewhere: reclaiming Venezuela’s oil rents for the benefit of America’s economic elite."
Jan 05, 2026
A leading international economist said Sunday that the US invasion of Venezuela and kidnapping of its socialist leader are about reasserting control over the world's largest petroleum reserves by Washington imperialists and Wall Street shareholders.
Gabriel Zucman—a professor at the Paris School of Economics and University of California, Berkeley Goldman School of Public Policy—said on his Substack that the US invasion is motivated by the "$100–$150 billion per year to be captured by US shareholders of oil companies, should a new regime friendly to US interests take power in Caracas."
President Donald Trump and other senior US officials have openly vowed to seize Venezuela's oil, even while claiming that Saturday's invasion and abduction of Venezuelan President Nicolás Maduro and his wife are about bringing Maduro to justice on dubious criminal charges, combating narco-trafficking, and protecting US national security.
"Maduro was a brutal and corrupt autocrat," Zucman, who also directs the independent EU Tax Observatory, continued. "But Trump has never had any trouble working with brutal and corrupt autocrats; such traits rarely trouble him."
Indeed, the Trump administration have provided military, financial, or diplomatic support to some of the world's most prolific human rights violators, from the Gulf monarchies to Egypt's military rulers to a sadistic dynasty in Equatorial Guinea and dictatorships in Central Asian countries including Turkmenistan and Uzbekistan. All of the aforementioned nations sit atop major oil and natural gas deposits.
"The real goal of the Trump operation lies elsewhere: reclaiming Venezuela’s oil rents for the benefit of America’s economic elite—an arrangement that peaked in the 1950s," Zucman asserted, referring to a period in which then-Venezuelan President Marcos Pérez Jiménez ruled the country with an iron fist and was backed by Washington, largely because he let foreign oil companies exploit Venezuela's vast petroleum resources.
"In 1957, at the peak of this extractive regime, profits earned by US oil companies in Venezuela were roughly equal to the profits earned by all US multinationals—across all industries—in the rest of Latin America and in continental European countries combined," he continued.
"About 12% of Venezuela’s net domestic product—the value of everything produced in the country each year—flowed directly to the pockets of US shareholders," Zucman noted. "That was roughly the same amount of income received by the poorest half of the Venezuelan population combined."
"This is the 'golden age' the Trump administration wants to bring back: a sharing of oil rents that is difficult to imagine being more unequal," he added.
Critics have accused the US of waging war for oil for nearly a century. US administrations have explicitly asserted the right to use military force to safeguard control of access to petroleum resources since the presidency of Jimmy Carter. The George W. Bush administration even initially called its impending invasion and occupation of Iraq "Operation Iraqi Liberation," before changing it so the abbreviation did not spell "OIL."
While Trump campaigned on the promise of no new wars and claims to avoid giving world leaders "lectures on how to live," he has now ordered the bombing of more nations than any US president in history. All 10 countries attacked by Trump since 2017—Afghanistan, Iran, Iraq, Libya, Nigeria, Pakistan, Somalia, Syria, Venezuela, and Yemen—are oil producers or possess significant fossil fuel resources.
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Top French Economist Says Ex-Prime Ministers Should Have Embraced Wealth Tax
"This blocking attitude is at the heart of the budget crisis and also, as a result, of the current political crisis," said Gabriel Zucman after another French prime minister resigned.
Oct 07, 2025
On the heels of France losing yet another prime minister, Politico on Tuesday published an interview in which world-renowned French economist Gabriel Zucman argued that the recently departed leaders should have supported his proposed wealth tax.
Zucman, who leads the EU Tax Observatory and teaches at French and US universities, has advocated for imposing a wealth tax of at least 2% for the ultrarich in France and around the world. However, Sébastien Lecornu, who resigned as prime minister on Monday, after less than a month in office, did not embrace that approach, the economist noted.
Former Prime Minister François Bayrou also didn't support the "Zucman tax." He was in the post when the French National Assembly voted in favor of a 2% minimum tax on wealth exceeding €100 million, or $117 million, in February—and when the Senate ultimately rejected the policy in June. He resigned in early September, after losing a no-confidence vote.
Before both of them, Michel Barnier was prime minister. He resigned last December, also after losing a no-confidence vote. He, too, didn't embrace the tax policy, despite polling that shows, as Zucman put it, "there is a very strong demand among the population for greater tax fairness and better taxation of the ultrarich."
"The executive has so far remained completely deaf to both parliamentary work and popular democratic demands," Zucman told Politico's Giorgio Leali. "They didn't try to have a real dialogue with the opposition on this."
"The very wealthy individuals affected by this measure, and the media outlets they own, have spoken out very vehemently on the subject in an attempt to discourage the government from engaging in any form of reflection or discussion," he added.
On social media, Leali shared a quote from Zucman tying the former prime ministers' attitudes on the tax proposal and broader budget fight to the country's current political crisis—in which "increasingly isolated" President Emmanuel Macron faces pressure from across France's political spectrum to hold a snap parliamentary election or resign.
As Reuters reported Tuesday, "Resignation calls, long confined to the fringes, have entered the mainstream during one of the worst political crises since the 1958 creation of the Fifth Republic, France's current system of government."
Even Édouard Philippe—who, as France 24 noted, was "Macron's longest-serving prime minister from 2017 to 2020"—is urging him to step down, saying that the president must help France "emerge in an orderly and dignified manner from a political crisis that is harming the country."
After the anti-austerity "Block Everything" protests across France on September 10, Mathilde Panot of the leftist party La France Insoumise (LFI) announced that 100 members of Parliament endorsed a motion to impeach Macron.
LFI founder Jean-Luc Mélenchon said Monday that "following the resignation of Sébastien Lecornu, we call for the immediate consideration of the motion tabled by 104 MPs for the impeachment of Emmanuel Macron."
"Emmanuel Macron is responsible for the political chaos," he said, calling out "those in power" for failing to respond to not only the demonstrations on September 10 but also the union mobilizations on September 18 and October 2.
"The president is rejected by public opinion, which desires his departure, and he has lost the support of ALL the parties in his political coalition," Mélenchon added Tuesday. "Why does he remain? A return to coherence for the country requires his departure and a return to the voice of the people."
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2% Wealth Tax on Just 3,000 Billionaires Could Raise $250 Billion a Year: Nobel Economists
"Not only is it necessary to impose a stronger burden of justice on billionaires, but more importantly, it is possible."
Jul 07, 2025
Seven Nobel laureates on Monday published an op-ed advocating for "a minimum tax for the ultrarich, expressed as a percentage of their wealth," in the French newspaper Le Monde.
"They have never been so wealthy and yet contribute very little to the public coffers: From Bernard Arnault to Elon Musk, billionaires have significantly lower tax rates than the average taxpayer," wrote Daron Acemoglu, George Akerlof, Abhijit Banerjee, Esther Duflo, Simon Johnson, Paul Krugman, and Joseph Stiglitz.
Citing pioneering research from the E.U. Tax Observatory, the renowned economists noted that "ultrawealthy individuals pay around 0% to 0.6% of their wealth in income tax. In a country like the United States, their effective tax rate is around 0.6%, while in a country like France, it is closer to 0.1%."
Although the "ultrawealthy can easily structure their wealth to avoid income tax, which is supposed to be the cornerstone of tax justice," the strategies for doing so differ by region, the experts detailed. Europeans often use family holding companies that are banned in the United States, "which explains why the wealthy are more heavily taxed there than in Europe—though some have still managed to find workarounds."
The good news is that "there is no inevitability here. Not only is it necessary to impose a stronger burden of justice on billionaires, but more importantly, it is possible," argued the economists, who say that taxing the overall wealth of the ultrarich, not just income, is the key.
The wealth tax approach, they wrote, "is effective because it targets all forms of tax optimization, whatever their nature. It is targeted, as it applies only to the wealthiest taxpayers, and only to those among them who engage in tax avoidance."
💡 "One of the most promising avenues is to introduce a minimum tax for the ultra-rich, expressed as a percentage of their wealth."Seven Nobel laureates in economics advocate for the Zucman tax in their latest op-ed.Read the full @lemonde.fr article 👇www.lemonde.fr/idees/articl...
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— EU Tax Observatory (@taxobservatory.bsky.social) July 7, 2025 at 8:05 AM
The anticipated impact would be significant. As the op-ed highlights: "Globally, a 2% minimum tax on billionaire wealth would generate about $250 billion in tax revenue—from just 3,000 individuals. In Europe, around $50 billion could be raised. And by extending this minimum rate to individuals with wealth over $100 million, these sums would increase significantly."
That's according to a June 2024 report that French economist and E.U. Tax Observatory director Gabriel Zucman prepared for the Group of 20's Brazilian presidency—which was followed by G20 leaders' November commitment to taxing the rich and last month's related proposal from the governments of Brazil, South Africa, and Spain.
"The international movement is underway," the economists declared Monday, also pointing to recent developments on the "Zucman tax" in France. The French National Assembly voted in favor of a 2% minimum tax on wealth exceeding €100 million, or $117 million, in February—but the Senate rejected the measure last month.
The economists urged the European country to keep working at it, writing that "at a time of ballooning public deficits and exploding extreme wealth, the French government must seize the initiative approved by the National Assembly. There is no reason to wait for an international agreement to be finalized—on the contrary, France should lead by example, as it has done in the past," when it was the first country to introduce a value-added tax (VAT).
"As for the risk of tax exile, the bill passed by the National Assembly provides that taxpayers would remain subject to the minimum tax for five years after leaving the country," they wrote. "The government could go further and propose extending this period to 10 years, which would likely reduce the risk of expatriation even more."
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