Posted on 09/09/2012 9:33:36 PM PDT by Racehorse
French president Francois Hollande says there will be no exceptions to his plan to impose a 75 per cent tax rate on millionaires.
Mr Hollande's comments came after France's richest man, businessman Bernard Arnault, announced he was applying for Belgian citizenship.
Announcing the start of a two-year plan to fire up France's faltering economy, Mr Hollande stood by his plans for the top tax bracket, which would be the highest marginal rate in the industrialised world.
"I am in a battle and will not look back," he said.
"I am setting up a calendar... two years to create a policy for work and competitiveness. I am accelerating."
And he took a swipe at Mr Arnault, saying he had to decide whether he could consider himself a proud Frenchman while seeking another nationality.
Mr Arnault is the head of luxury goods giant LVMH, and his personal fortune has been put at $US41 billion by Forbes magazine.
He has denied the move to seek Belgian nationality means he will seek tax exile.
"I am and will remain a tax resident in France and in this regard I will, like all French people, fulfil my fiscal obligations," the world's fourth-richest man said.
(Excerpt) Read more at abc.net.au ...
"I am and will remain a tax resident in France and in this regard I will, like all French people, fulfil my fiscal obligations," the world's fourth-richest man said.
Well, which is it ABC???
Belgium: 50%
U.K.: 50%
Germany: 45%
France: 41%
U.S.: 35%
Note: U.K. rate will be cut to 45% next year. Source OECD
France's Hollande Outlines Austerity Goals WSJ 9 September 2012
It is a shame that if we had elected a real conservative in 2008 and slashed taxes even further, we may have been blessed with his entrepreneurship and the innovation he would have brought to our country, instead of Belgium! Yet another failure of the Hussein Administration.
If you only tax the rich, only poor people will live in your country. When the poor are left unchecked, they tend to cause riots, communism, and secular humanism. Then again, this isn’t the first time France has surrendered to evil. History will show that Hollande, Hitler, and the Jacobins will all have the same disastrous effects on France.
It is ironic that the primary goal of Ubama and the rats is to make America as great as France and Greece and Spain, etc.
Doesn’t tell the full story though. Often countries with high marginal rates have so many different deductions your head would spin.
Well, I hope for France’s sake it will drive out the Muslims.
Just imagine what a boon it would be to the US if we could get him to move here.
I really despise liberals.
The US could probably add millions of jobs just by siphoning off all the billionaires from the high tax countries.
Which of those socialist countries taxes worldwide income?
Which of those socialist countries has an exit tax on wealth?
Arnault’s move is correct. Leave if they want to milk you dry.
Nice point. Do you know why we have these laws? I don’t and wonder what’s the point of them.
What are the estate tax rules/rates: France v Belgium
I suspect that is a prime motivator for an aging billionaire
Why do we have these laws? For the same reason the income tax wasn’t passed until Arizona became a state - you cannot escape. Americans are law abiding, but naturally liberty seeking which is by its nature anti-tax. If you cannot escape the reach of our taxes you’re no longer free.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.