Macron's 2018 Budget Isn't Written for the Rich, Le Maire Says

(Bloomberg) -- President Emmanuel Macron’s first budget isn’t written for rich people but to spur investment and economic growth, French Finance Minister Bruno Le Maire said Sunday.

“We made a choice in favor of wealth creation and investment,” Le Maire said on RTL radio. “It’s totally false to say it’s a budget for the rich.”

Macron’s government drew criticism last week as it introduced a budget that cuts personal taxes on assets above 1.3 million euros ($1.5 million), as well as taxes on capital gains and corporate profits. Le Maire said Sunday that the changes are intended to revamp the French economy to lift growth.

Growth in gross domestic product could exceed the government’s 1.7 percent target this year and next, Le Maire said.

“I’m attached as anyone to the fairness of our tax system,” he said. If lawmakers propose amendments that set tax on yachts or expensive cars, he is open to them, he said.

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