- The standard currency was the livre.
- It was printed as paper money at this time.
- A farm labourer would earn 1 livre for 1-2 days work.
- 1 livre = 3 pounds of butter, 2 geese or a bushel of rye.
- Rent for an average farm was 500 livre per year.
Tax System
- Chaotic and inefficient.
- Main tax, called the taille, fell mostly on the third estate.
- Peasants in particular were burdened.
- Indirect taxes targeted food, salt and even goods entering a town.
- Taxes were collected by tax farming which reduced the tax take.
- This caused resentment and deficit.
- So, King Louis XVI borrowed more money.
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