1,27 billion for the richest 0,01%: Macron's big gift finally quantified (Marianne)

The Laboratory on Global Inequalities, led in particular by Thomas Piketty, has updated the data on the inequalities of the levy system. While progressivity improved between 2013-2016, it has deteriorated since Macron's arrival. On average, the 5034 richest French people each saved 253.800 euros.

Update 04.04.2019: The 500 richest French people captured 20 billion more in 2017 than in 1980 (Marianne.net)

The recent notes of the Jean Jaurès Foundation had, it was believed, finished driving the point home. Title Reform of capital taxation: the secession of the rich, she denounced a cost of "4,5 billion euros per year in the state budget"but above all the fact that"these measures mainly benefit less than 400.000 of the wealthiest households"."This is the largest tax reduction per taxpayer ever achieved in France“, could we read. That is a saving of 10.000 euros per year, all the same, for each household belonging to the richest 1% or so. But since the research of Thomas Piketty and those who have taken up the torch like Gabriel Zucman - one of his former doctoral students now a professor at Berkeley - we know that it is necessary to take out a magnifying glass to see how this happens precisely within this population of the 1%.The richest of the richest are varnished there .

This is what the latest publication of the Laboratory on global inequalities that Marianne was able to consult. While the document focuses first and foremost on identifying how income inequalities are attenuated by social tax contributions over time, and makes a comparison between France and the United States, it also makes it possible to calculate the amount Emmanuel Macron's gift to those who occupy the outposts of the first rope. Indeed, researchers Antoine Bozio, Bertrand Garbinti, Jonathan Goupille-Lebret, Malka Guillot and Thomas Piketty have established that at the end of the reforms mainly of the solidarity tax on wealth (ISF) and income tax movables, the richest 0,01% saw their total contributions increase from 52% in 2016 to 46,6% in 2018.

253.800 euros per pipe head

Yes, but who and how much? Marianne, which was able to obtain additional data, carried out the calculations and delivered the most significant ones. It is therefore about 5034 people located among the richest 0,01%, that is to say earning more than 2 million euros in annual income. For them, this drop of 5,4 points translates into cold hard cash. Each achieved savings of nearly 253.800 euros. And probably double for a couple, since the sample concerns individuals and not households. In total, these 1,27 blessed have captured 5034 billion euros out of the envelope of 4,5 billion for the 1% of rich households (which correspond to approximately 550.000 people).

The richest 1% benefited from 4,5 billion euros. Among them, the richest 0,01% captured 1,27 billion...

These ultra-rich, who live on 4,7 million euros in income per year on average and per head of pipe, will therefore see their purchasing power grow significantly: nearly 5%. Unlike the few euros of purchasing power distributed to the rest of the population, these 253.800 euros will struggle to be eaten up by the rise in diesel and tobacco. It is all the Jupiterian bet to see this avant-garde of the first of the rope reinvesting their loot in the productive economy and making it trickle down. But it could be showered by the desire to reinvest in the stock market or even in stone and to grow a heritage which, like what happened on income, is also concentrated on the top of the distribution.

By promoting through an accommodating tax policy this dynamic of accumulation of wealth, and the income that emerges from it, Emmanuel Macron will undoubtedly the happiness of many of its donors for the presidential campaign. But he could definitely lose the support of those of the French, still protected by the system of redistribution, like the Retired and officials, who had allowed his election and who are financing this wonderful gift through their efforts...

source: Marianne.net

Further information :