France, Nov. 3 -- French MPs will on Monday resume their race against time to draft a budget bill to be pushed through parliament by the end of the year.

On Friday, during negotiations over how to raise money,the so-called "Zucman tax" was rejected by 228 votes to 172.

Named after the French economist Gabriel Zucman who devised it, the scheme, which was championed by a bloc made up of the Socialist, Communist, Green parties and the hard-left France Unbowed, aimedfor a minimum two-percent tax on wealth over €100 million.

MPs alsovoted down a "Zucman-light" proposal from the Socialists. This version called for a minimum three-percent levy on assets of €10 million and above, excluding family and "innovative" businesses.

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