Posted on 12/19/2012 7:25:49 AM PST by SeekAndFind
The fiscal frenzy that has seized French socialists is not only grinding France’s economy to a halt; it is also attacking the very foundations of French society by destroying entrepreneurship and responsibility. Taxes are raining down on French citizens, and the promised shelters often disappear before they have even been introduced.
The French government’s 2013 finance bill has announced confiscatory tax rates on incomes and capital gains, and payroll taxes will be increased as well. But the socialists are shooting themselves in the foot, as such tax rates will destroy wealth and drive out entrepreneurs, capital, businesses, and young people. Thus, tax revenues will ultimately not rise but fall.
The message could not be clearer: The number of requests by French citizens to leave France are suddenly up by 400 to 500 percent. As far as my business is concerned, we used to have three to five such cases a year, and we are already facing more than 20 this year. We are witnessing an explosive rise in tax exile since April 2012. On a national scale, the number of tax exiles was previously estimated at some 1,000 per year; today, it is expected to multiply by as much as five. It’s like repealing once more the Edict of Nantes, in the sense that these departures will impoverish French business and industry.
Interestingly, the profile of the people now leaving France has completely changed. We still deal with aging entrepreneurs who would like to sell their business and retire without being soaked by the government. But this number is no longer increasing, in particular since the “Exit Tax” was introduced on capital gains (19 percent, plus another 15.5 percent in payroll taxes).
(Excerpt) Read more at forbes.com ...
It will be interesting to see an entire country “Go Galt.” So everyone can’t physically leave ...what happens when they refuse the taxes? Avoid them to the point they pay nothing? Make France the next Greece, which I understand is one of the roots of the Greek problem[tax avoidance.]
We are seeing it happen to states like California...You can pass whatever you want and folks will find a way to stop giving their hard earned wealth to you. Gonna say full time employment and its host of “requirements” is at 32 hrs a week? Ok...you don’t work but 30.
Long beach CA mandated a living wage of $13/hr to be paid to hotel workers in hotels of over 100 rooms. Simple: they are downsizing the hotels.
The proper response to the greedy grasp at other peoples’ wallets.
Gotta love it...and scu them all.
Is this our future?
If you mean next month, yes, this is our future.
RE: Is this our future?
A few more national election cycles with results like 2008 and 2012 and it might well be.
If only the French would realize that it was their vote for a socialist that destroyed their country.
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.