Tax cuts, tenuous promises after promises kept

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“Between 2017 and 2022, there were 50 billion tax cuts, half of which for households,” says Gabriel Attal regarding the results of Macron’s first five-year term. BERTRAND GUAY / AFP…

Tax cuts, tenuous promises after promises kept

Tax cuts, tenuous promises after promises kept

“Between 2017 and 2022, there were 50 billion tax cuts, half of which for households,” says Gabriel Attal regarding the results of Macron’s first five-year term. BERTRAND GUAY / AFP

DECRYPTION – For households and businesses alike, the Macron presidency has meant a substantial reduction in taxation. But, despite campaign promises, the executive’s room for maneuver is tightening.

Even before being elected president, he entered the Élysée to implement a mive tax credit. It was in 2012, under François Hollande. Emmanuel Macrona young investment banker, became Deputy Secretary General of the Élysée to apply the employment competitiveness tax credit (CICE), a tax advantage of almost 20 billion per year at the time. A decade later, his Minister of Public Accounts, Gabriel Attaltakes stock of Macron’s first five-year term: “Between 2017 and 2022, there were 50 billion tax cuts, half of which for households.”

President Macron’s first major tax measure alone illustrates the political paradox posed by tax cuts. On the one hand, the replacement of wealth tax (ISF) by real estate wealth tax (IFI) was effective. An evaluation committee for capital taxation reforms, led by France Strategy, an organization placed under the Prime Minister, considers in an evaluation report…

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