The youngest president in the history of France, Emmanuel Macron, and the French government raised concerns when they announced that a wealth tax was to be put in place for those with more than $1.5 million in personal assets. According to Macron’s latest modifications to the new wealth tax, France’s 2018 budget will initiate a tax on luxury items including cars, yachts, and metals.
Since elected as President in May, Macron has faced the friction of being labeled “president of the rich”. Macron’s party insists that previous bills have led 10,000 people outside of France with $41 billion in capital, however people are combatting Macron’s justifications by referring to the purposes of the wealth tax when it was created in the 80s as a symbol of social justice.
France’s finance commission will be considering the future of the budget later this week.
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