French President Macron May Be Forced to Cut His New Global Warming Tax that Is Inciting Riots

December 5, 2018 in News by RBN

NTK News

Tucker Carlson reveals that the media is covering up the reason for the riots and protests by the Yellow Vests in France for the past three weeks.  The real reason is that President Macron has implemented a 30¢ global-warming tax on gas and diesel fuel that already costs over $7 per gallon.  Half of that is tax.  Chuck Davore of the Texas Public Policy Foundation says that the Yellow Vests working-class people are pushing back against being economically squeezed by the government while at the same time immigrants from Africa and the Middle East are being helped.  Davore says the UN wants to raise the fuel tax to $49 over the next 12 years allegedly to fight climate change.  He says the recent climate report based on flawed data put out by the US government was financed by leftist billionaires Michael Bloomberg and Tom Steyer both of whom are vying to become the next American president.Last weekend, the Yellow Vests targeted the wealthy areas of Paris for riot, where stores were smashed and looted, dozens of cars were burnt, and police were overwhelmed by protesters. There are currently 15,000 angry French Yellow Vests signed up for next Saturday’s protests in Paris; three times as many as last weekend. 104,000 responded with a “maybe.” Most French citizens support the Yellow Vests’ cause. -GEG

French President Emmanuel Macron may institute emergency tax cuts in an attempt to stem violent protests which have gripped France for three weeks, according to Bloomberg.

The government is increasingly worried that the economy, alongside its own political fortunes, is threatened by demonstrations against fuel taxes that have spiraled into a push-back against Macron’s policies.

Finance Minister Bruno Le Maire said the impact of the riots was “severe,” and left a meeting of finance ministers in Brussels to return to Paris for crisis talks with colleagues. –Bloomberg


In order to make the tax cuts work, the French government will need to find ways to cut spending that doesn’t hobble growth, as well as tax measures that will stimulate the economy.

For Macron, the stakes are high as he doesn’t want to damage the credibility he needs to push for reforms in Europe. The European Commission has already said his existing budget is at risk of non-compliance with EU rules.

According to Marc Touati, economist and president of business consultancy ACDEFI, Macron may be forced to take a more radical approach, even if that means the deficit slipping a bit. –Bloomberg

The protests have crippled revenues across the country, with some large supermarkets seeing drops as much as 25 percent. Hotel bookings have suffered a similar fate.

Toll-road operators Vinci SA and Eiffage SA meanwhile have seen their share prices decline as they have opened toll booths to let cars pass freely.

Whatever Macron has planned, he better act fast – as there are currently 15,000 angry French Yellow Vests signed up for next Saturday’s protests in Paris; three times as many as last weekend, while 104,000 are a “maybe.”

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