The administration of French President Emmanuel Macron will propose a tax on luxury yachts, expensive cars, and precious metals. Legislators will propose amendments after critics attacked the president’s move to abolish the wealth tax in France, reports Independent.
>>>Macron calls for the urgent lifting of the embargo on Qatar
The French left has labeled Macron as the ‘president of the rich’ due to this move, a title he earned as a former banker at Rothschild after taking office. The wealth tax was introduced by the Socialists in the 1980s and affected individuals whose net worth exceeded 1.3 million euros.
>>>Massive privatization for innovation in France
Initially, this tax was supposed to be introduced as a property tax compatible with the luxury tax, but under the property tax, goods such as yachts, luxury cars, and precious metals do not contribute to state revenue. This week, the financial committee of the French parliament is expected to examine the 2018 budget proposal in detail.
