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In about-turn, Macron administration to propose tax on yachts, supercars

09/10/2017 News Team

Faced with growing protests over his concessions to France’s wealthy, the government of Emmanuel Macron is to propose a tax on luxury yachts, supercars and gold and jewellery in France’s 2018 budget.

His original proposal to scrap the wealth tax in France, imposed on individuals with assets of more than EUR 1.3 million, has been widely criticised by the left, who accused the former Rothschild banker of being “president of the rich.”

The plan was to replace the wealth levy with a real estate tax but yachts, luxury cars and jewellery were supposed to escape.

Richard Ferrand, leader of the Republic on the Move parliamentary group said assets like these "do not contribute to the productive economy.”

He added: "Re-introducing taxes on these items does not contradict the spirit of the reform.”

 

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