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Business Fleeing France as 75% Income Tax Looms
Newsmax ^ | 07 Oct 2012

Posted on 10/07/2012 5:36:46 PM PDT by Snuph

A flood of top-end properties are hitting the market as businessmen seek to leave France before stiff tax hikes hit, real estate agents and financial advisors say.

"It's nearly a general panic. Some 400 to 500 residences worth more than one million euros ($1.3 million) have come onto the Paris market," said managers at Daniel Feau, a real-estate broker that specialises in high-end property.

Read more on Newsmax.com: Business Fleeing France as 75% Income Tax Looms Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!

(Excerpt) Read more at newsmax.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: economy; france; taxes
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Go ahead raise those taxes on the evil rich.
1 posted on 10/07/2012 5:36:52 PM PDT by Snuph
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To: Snuph

Romney clearly coordinated this.


2 posted on 10/07/2012 5:39:00 PM PDT by Gamecock
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To: Snuph

If a 75% tax rate is so great, then wouldn’t a 150% tax rate be twice as good?

Think of all the good that extra revenue will do the public!


3 posted on 10/07/2012 5:41:54 PM PDT by Tea Party Terrorist (Your tattoo looks stupid.)
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To: Snuph
The real question is, who would buy into such a market given the looming threat.
4 posted on 10/07/2012 5:42:42 PM PDT by hinckley buzzard
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To: Snuph

Would someone please cut taxes and regulation and bring those businesses over here? Romney? Ryan? Anyone? Bueller?


5 posted on 10/07/2012 5:44:13 PM PDT by Vince Ferrer
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To: hinckley buzzard

Millionaires who are not French citizens - and are poorly advised.


6 posted on 10/07/2012 5:45:09 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: hinckley buzzard

Wealthy Arabs, who earn no money in France? (But who will gladly fund Islamic fundies in France).


7 posted on 10/07/2012 5:46:41 PM PDT by Tea Party Terrorist (Your tattoo looks stupid.)
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To: Snuph

I have a friend (French) who owns a house on the Island of Corsica that he bought in the early 80’s. After which the local inhabitants tried to blow it up. But it rained and the device got wet and fizzled. LOL

He’s put it on the market because of the current idiot that was recently elected.

He worked hard all his life. Had a pastry shop in NYC before he retired.

He’s fond of ranting to me about the current socialist idiocy in Europe. He’s been a naturalized citizen here since the 1960’s. A good guy all around.


8 posted on 10/07/2012 5:47:38 PM PDT by headstamp 2 (What would Scooby do?)
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To: headstamp 2

Under French Tax Law your friend is subject to their taxes also if he lives there over 170?? days.


9 posted on 10/07/2012 5:51:51 PM PDT by Snuph ("give me Liberty...")
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To: Snuph

Paris Skyline

Dubai Skyline

Paris was

10 posted on 10/07/2012 5:52:46 PM PDT by bert ((K.E. N.P. N.C. +12 ..... Present failure and impending death yield irrational action))
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To: hinckley buzzard
The real question is, who would buy into such a market given the looming threat.

Not any foreigners. If my info is correct, they have, or are going to, institute an excise tax on foreign purchasers of some 15%.

Also, there was some talk in the summer of "imputed rent" taxes. That is where an owner of a property is assumed to benefit from the rental income it would cost to rent it--so it is added to his income and taxed. I don't believe that has been implemented.

11 posted on 10/07/2012 5:53:31 PM PDT by Pearls Before Swine
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To: Snuph; a fool in paradise; Slings and Arrows

Evidently, most of these businesses are moving to California.


12 posted on 10/07/2012 5:54:03 PM PDT by Revolting cat! (Bad things are wrong!)
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To: Snuph

I was curious to find where the French rich were fleeing to. After all, most of Europe is at crisis level economically.

The destinations were London, New York and Geneva. All have a high tax rate, although not 75%.

Also mentioned were Canada, Israel and Singapore. I wonder what their tax rates are.


13 posted on 10/07/2012 6:01:20 PM PDT by berdie
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To: hinckley buzzard

Gambling addicts? I imagine their market prices will sink fairly quickly.


14 posted on 10/07/2012 6:04:24 PM PDT by the anti-liberal
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To: Snuph

I think François Hollande is going to be in for a shock of a lifetime when the French national budget suffers serious financial shortfalls because all the people with the money have left the country—including the money! That could cause such a big backlash it could cause Hollande’s government to fall through a no-confidence vote in short order.


15 posted on 10/07/2012 6:06:27 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: Pearls Before Swine

The Dims almost go that one passed here couple years ago. They backed off at the last minute.


16 posted on 10/07/2012 6:08:54 PM PDT by Snuph ("give me Liberty...")
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To: berdie

Jim Rogers sold out of NYC and moved to Singapore. He says it is the freest economy in the world, or something similar.


17 posted on 10/07/2012 6:08:54 PM PDT by Crimson Elephant
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To: Snuph
The Dims almost go that one passed here couple years ago.

Imputed rent proposed... here? Reference please!

18 posted on 10/07/2012 6:14:47 PM PDT by Pearls Before Swine
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To: Pearls Before Swine
It was in the stimulus bill. They removed it at the last minute. The way it was going to work was like this: If you owed less than 50% of the IRS’s estimated value of your home then the IRS would estimate what you would have made in rent had you not lived in it and you would pay income taxes on the imputed income. Because it is income if you are not paying a full value payment every month ya know.
19 posted on 10/07/2012 6:23:11 PM PDT by Snuph ("give me Liberty...")
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To: Snuph

Boy, that would have raised a ruckus—but they could have forced it through. I didn’t know.


20 posted on 10/07/2012 6:32:17 PM PDT by Pearls Before Swine
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