Thread by @fsaraceno

#Macron on tv admits his failure to respond to the “legitimate” expression of popular rage. He claims he wants to address “social emergency state #yellowvests

A) Minimum wage will increase 100€ per month B) extra hours will pay no charges. But C) wealth tax will not be reinstated

He pledges fight against tax elusion of large corporations (even multinationals?)

Announces wide ranging reforms of the State, of public services provision outside Paris. He announces a participatory debate, intermediated by mayors

To sum up, he gives a « coup de pouce » to purchasing power, but he does not backtrack on fiscal advantages for high revenues.

Forgot to mention: he also backtracks on social contribution increase for pensioners

On form: very theatrical and dramatic. Probably overdid it. And apologies for past arrogance sounded a bit false because of this #GilestJaunes

Probably #Macron’s most important concession is the recognition of the importance of intermediate bodies. Recognition of mayors’ role is a major step

Refusal of reinstating wealth tax not convincing “employment did not increase when wealth tax was there” is the argument. Goes against evidence on #inequality and growth

If I understood correctly, cost for public finances of this set of measures could be around €5bn

This should be on top of the 4bn for dropping gasoline tax increased or a total of close to 10

Secretary of socialist party: without increasing taxes on the very rich, he will have to go and look for the money from the very same he is giving the push. Very good point

From the post-speech discussion, the feeling is that the detail are not worked out yet, which makes estimation of beneficiaries, cost, impact on purchasing power, almost impossible. We’ll have to see how it shapes in the next days
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