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Ayrault Says Art Will Not Be Included in French Wealth Tax

Oct. 16 (Bloomberg) -- The French government will not include art works in its wealth tax, the prime minister and budget minister said in separate interviews today.

‘’Art prices are too sensitive and too volatile to have such a tax imposed,’’ Budget Minister Jerome Cahuzac told France Inter radio. “We don’t want to be in a country where tax agents are coming into homes to check on art.”

Prime Minister Jean-Marc Ayrault told Europe1 radio that the wealth tax would not include art, opposing a parliamentary amendment to the 2013 budget that calls for including art works worth more than 50,000 euros in France’s wealth tax.

To contact the editor responsible for this story: Gregory Viscusi at gviscusi@bloomberg.net

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