It did not go unnoticed by protesters that on the same day President Macron spoke to the nation with concessions, the Senate voted through changes to the Exit Tax. Currently, rich business people who leave France must pay a tax on the ‘latent capital gains’ of their business shares of 30% if they sell them within 15 years – this was reduced to two to five years. We spoke to two tax experts about tax justice.
Tax justice and tax equality are vital to France, says Robert Matthieu, former tax inspector and author of Payer Moins d’Impôts pour les Nuls (Paying Less Tax for Dummies) – but achieving them is not easy.
The ISF (Impôt de solidarité sur la fortune) was designed to reallocate wealth from the richest to the poorest and close the gap between the two.
President Macron, as promised in his manifesto, relaunched the tax as the Impôt sur la fortune immobilière, limiting it to property. Shares and trust funds are now exempt.
The effect has been less tax in percentage terms for the richest 1% …
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