French Voodoo Economics Sticks Pins in the Rich: Lionel Laurent

France is having an on-brand month as President Emmanuel Macron and his new prime minister begin the slog of trying to form a government and cobble together a budget. After a call by protesters to “block everything” — including by paying for goods only in cash to starve the payments system — and a national strike over a since-canceled budget plan to scrap two public holidays, the country is locked in passionate debate over the introduction of a new wealth tax. While it’s perhaps one of the few ideas with near-unanimous support, it’s not the kind of invention France needs right now.

The wealth tax ...