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France Could Restore Wealth Tax in Bid to Placate ‘Yellow Vests’

WSJ Original article ›
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French president Macron reversed a tax on the wealthy with real estate valued at above 1.3 million euros when he took office in 2017. This  tax on the wealthy was put in place 3 decades before under Francois Mitterand and helped fund welfare. It was seen as a measure of solidarity of the wealthy with the poor. This is now likely to be reversed as it is a key demand in the current yellow vest protests in France protesting the increase in the fuel tax. In carrying out a pro-business agenda Macron is now stuck with the label of favoring the rich, especially in the plan to strip job protections in state owned companies such as the national railways. The fuel tax increases are now pushed back 6 months to have public discussion.



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