Emmanuel Macron has ruled out a wealth tax as a solution to the law and order crisis sweeping France, his finance minister said today.
President Macron was expected to meet opponents including trade union leaders in Paris before a live TV address to the nation this evening aimed at halting weeks of rioting and blockades.
But finance minister Bruno Le Maire, who is one of Mr Macron’s closest allies, indicated that there would be no return to socialist-style taxes on the rich.
“Our country is deeply divided between those who see that globalisation has benefited them and others who can’t make ends meet and who see globalisation not as an opportunity but as a threat,” said Mr Le Maire.
However, he said the Solidarity Tax on Wealth — known as the ISF — which his government scrapped in September last year would not be reinstated.
It was a direct wealth tax on all those with assets of more than £1.1 million.
Ending ISF earned Mr Macron the nickname “President of the Rich”, but Mr Le Maire told RTL radio: “Does the ISF help reduce poverty, reduce our debts, reduce public spending?
“No, if you want to hunt for money, go knocking on the doors of the digital tech companies.”
He added that France would unilaterally tax online giants from next year if the EU cannot reach an agreement on the issue.
Mr Le Maire said it was the “president’s role to unify the country”, especially as the riots were an “economic catastrophe” costing billions.
Cities including Paris and Bordeaux saw looting, arson and attacks on police on Saturday, during the fourth consecutive weekend of demonstrations by “Yellow Vest” protesters.
The protests began last month against a new fuel tax, which has now been cancelled.
On Saturday, police used armoured cars, water canon and tear gas against protesters, who have been joined by agitators from the Left and Right, as well as criminal groups. Across France, 1,723 people were arrested.
Mr Macron, leader of the République en Marche (Republic On The Move) party, won the presidential election with a landslide last year. Polls show his popularity rating is now 18 per cent.
