The Impôt de Solidarité sur la Fortune (ISF, or wealth solidarity tax), is easily the most controversial part of French tax policy, and its removal by Emmanuel Macron was probably the most controversial decision of his term so far, causing the Gilets Jaunes protests that, at the time of this question, show no sign of stopping.
There have been many contradictory statements made about the ISF:
- That removing it was a gift to the super-rich.
- That it only affected the moderately rich, and that the super-rich used fiscal trickery to evade it.
- That it disincentivized investment, and created perverse incentives for company owners.
- That it was a long-term loss for France, because it encouraged capital holders (including startup creators) to leave the country and thus created a loss in revenue / value-added tax
- That the exile of capital holders wasn't that great, and reversing it wouldn't be worth the losses in tax profit.
With all this contradictory information circulating (on a very emotionally charged subject), it's really hard to get an accurate picture of the situation.
To the best of your knowledge, what were the benefits and costs of the ISF for the French economy, and how much evidence is there that these benefits and costs were real?