Anyone with lingering doubts about whether the moniker “President of the Rich” fits France’s Emmanuel Macron could safely put them to rest this month, upon publication of his first budget since taking office.

Last week the National Assembly, dominated by Macron’s En Marche party, approved a reform package overwhelmingly weighted toward elite interests. Its €7 billion of tax cuts included reducing France’s wealth tax, long a bête noire for the country’s right wing, by 70 percent and subjecting capital gains tax to a new flat rate of 30 percent.

Tellingly, the Ministry for the Economy and Finance withheld its own research on the impact of the reforms before the vote in the Assembly. But, by Thursday, they had fallen into the possession of the Socialist chair of the Senate Finance Commission and were released. Under the capital gains reforms, France’s wealthiest 100 taxpayers will earn an additional €582,380 per year on average. The top 1,000 will each get a modest €172,220. The rest of the country, on the other hand, can expect little to nothing. Forty-four percent of the total benefits will flow to the top 1 percent.