Did Macron’s Tax Reforms Spark the Riots?
Here are some data relevant to the French riots from the Financial Times. What are the effects of Macron’s tax reforms on disposable income?
If one looks only at active households, the middle-class gains are even clearer, but again the poor do not benefit.
Finally, retirees are the main losers.
This may account for the relatively large number of older people among the demonstrators (compared with similar eruptions in the past).
To me, these graphs suggest 1) that the movement may not be as widespread as it appears, and 2) that economic motives alone cannot account for the ferocity of the protest. If you’re making 1000 euros a month, a loss of 0.5% means that you’re out of pocket 5 euros. If people are starving in the provinces, as Adam Nossiter’s report in yesterday’s Times suggested, it isn’t because of Macron’s tax reforms.
Photo Credit: Jeanne Menjoulet, Manifestation contre le projet de “réforme” des retraites, via Flickr, CC BY 2.0.