Originally published at bretthetherington.blogspot.com
“Surprise, surprise: Emmanuel Macron’s first budget slashes taxes on wealth and guts social spending…
Anyone with lingering doubts about whether the moniker “President of the Rich” fits France’s Emmanuel Macron could safely put them to rest this month, upon publication of his first budget since taking office.
Last week the National Assembly, dominated by Macron’s En Marche party, approved a reform package overwhelmingly weighted toward elite interests. Its €7 billion of tax cuts included reducing France’s wealth tax, long a for the country’s right wing, by 70 percent and subjecting capital gains tax to a new flat rate of 30 percent.
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