21st March 2022
The presidential candidate, who looks a racing certainty to get a second term, maintains his tax-cutting agenda.
Since his election victory 5 years ago, Emmanuel Macron has done much to change the image of France as a high-tax country. Income tax has been reduced, the local rates tax, the taxe d’habitation, is being abolished for the principal residence, the wealth tax has been stripped of any real potency, corporate taxes have been reduced (and will be reduced further), and a lower flat-rate tax has been introduced for investment income and gains. In total, tax cuts have amounted to nearly €60billion.
Inevitably, the changes have their critics, with many saying that he has not gone far enough (particularly in relation to the level of social security contributions), whilst others consider that it has been at the expense of social equality and stability and a large rise in the public debt. Others also point to the significant increases in the other local property rates, the taxe foncière.