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Posted on 11/15/2012 5:34:34 AM PST by RoosterRedux
Government officials who blithely talk of punishing/taxing "the rich" to fund their redistribution schemes soon discover that "the rich", the golden goose if you will, are no more. Some decide not to work so hard, following the adage it isn't what you make, it is what you keep. Others decide to keep it--somewhere else.
This is happening in France. France, which limits working hours but makes it practically impossible to fire anyone, has decided to implement a 75% tax rate on all earnings above approximately one and half million dollars. As a result the geese, in this case wealthy French individuals, have decided to flee France to other, less greedy refuges. The latest to do so is French actor Gerard Depardieu.
Gerard Depardieu has become the latest rich Frenchman to flee his country and the stinging wealth taxes levied by Francois Hollande, the Socialist President of France.The film star has bought a property in Nechin, a Belgian village near the border with France, which has become a colony for French exiles fleeing President Hollande's tax rate of 75 per cent on all earnings over €1 million.
(Excerpt) Read more at americanthinker.com ...
Take note, Bathhouse Barry, this industry will spring up in the U.S. right after you start raising taxes. The big CPA firms, law firms, and real estate developers with fill the void ASAP.
I have been getting information on New Zealand.
Governments answer? More rules and regulations to try to force people to stay and pay.
Wonder how those Boeing brass who chose to re-locate their GHQ in Chicago rather than in the Dallas-Fort Worth area are feeling these days? How long will it be before Illinois becomes another California?
Frying pan,fire.
The rich flee? No problem, make the tax retroactive and add an exit tax for moving, and then more tax for giving up citizenship and then another sur tax for insult to the republic, tax upon tax, tax to the max, tax tax tax!
“Belgium, which enjoys a lower tax rate, has attracted a number of prominent wealthy French seeking a tax haven, including Bernard Arnault, the owner of the Christian Dior empire, as well as the Mulliez family, who own the Auchan and Decathlon retail chains.
The French magazine Le Point commented: “Nechin may well be less glamorous than London, Geneva, Brussels or even its climate less pleasant than Monaco [but its wealthy French residents] enjoy extreme Belgian clemency for large fortunes.”
More than one-quarter of Nechin’s residents are now French nationals.
French government officials are not taking these departures well.”
Money moves at the speed of light.
Once again the leftists are shocked by what conservatives instantly KNEW would happen. Never fails.
Did you hear Rush mention yesterday that Hillary Clinton and Steve Wozniak have both decided to hang out in Australia for a while?
Woz has openly stated he’s seeking Australian citizenship.
In Maryland, Higher Taxes Chase Out Rich: Study
Published: Monday, 9 Jul 2012 | 5:13 PM ET
By: Robert Frank
CNBC Reporter & Editor
http://www.cnbc.com/id/48120446/In_Maryland_Higher_Taxes_Chase_Out_Rich_Study
Au Revoir! France?s Rich Flee Hollande?s Sky-High Taxes, Proving Cameron Right
BY Jacey Fortin | July 17 2012 7:37 AM
Francois Hollande is in a tough spot.
Au Revoir! France?s Rich Flee Hollande?s Sky-High Taxes, Proving Cameron Right
French President Francois Hollande gestures during a news conference with Italian Prime Minister Mario Monti on Thursday at the Chigi palace in Rome. The same day, Hollande reportedly discussed with Monti a proposal for the European Union to agree on growth-boosting measures worth €120 billion ($151 billion) this year.
The Socialist French president has fallen out of favor with the well-to-do crowd — they’re fleeing the country to escape a new tax system that threatens to dig deep into their assets.
A representative of the British real estate firm Sotheby’s Realty told the Telegraph on Monday that its French offices sold more than €1.7 million worth of high-end property from April to June this year, a stark increase in sales as compared to the same period last year.
Interstate Migration
Several studies, including the American Legislative Exchange Council’s “Rich States, Poor States,” and past reports by the Americans for Tax Reform Foundation have documented the movement of taxpayers from high tax to low tax states in recent years.
These studies present compelling evidence that taxes are the single largest factor in interstate migration, compared to factors such as climate, employment, family relocation, etc.
Our analysis takes this methodology one step further. Using data from the Internal Revenue Service (IRS), we calculated both the number of taxpayers migrating, and also calculated the adjusted gross income (AGI) that left the state as well. That is, we have calculated how much money—in terms of personal income—states lose or gain due to migration. Our findings confirm that taxpayers are leaving states with higher taxes and unfunded pension and healthcare liabilities.
http://www.fiscalaccountability.org/?content=COGD1010
Newsmax
Wealthy Americans Jumping Obama’s Ship
Sunday, June 24, 2012 12:46 PM
Wealthy Americans aren’t just leaving tax-heavy states like New York and California, they’re leaving the country.
U.S. citizens are defecting at record levels in order to escape high taxes, the New York Post reported. About 8,000 U.S. citizens are projected to renounce their citizenship in 2012, or about 154 a week — versus 3,805 in 2011, or about 73 per week, according to immigration officials, the Post reported.
They want to avoid tax bills resulting from the proposed 55-percent hike on the wealthy and the anticipated expiration of the Bush-era tax cuts at the end of the year, the Post reported.
“High-net-worth individuals are making decisions that having a US passport just isn’t worth the cost anymore,” Jim Duggan, a lawyer at Duggan Bertsch, which specializes in protecting assets of the wealthy, told the Post.
“They’re able to do what they do from any place in the world, and they’re choosing to do it from places with much lower tax rates,” he said. “Some are philosophically disgusted at the course our country is taking in all kinds of ways. They’re making a strong protest of, ‘Enough is enough.’ But largely it’s an economic decision.”
But to leave means finding a new country and obtaining citizenship and there are many that are eager to welcome wealthy Americans, such as Australia, Norway, Singapore, Cayman Islands, Costa Rica, and Antigua, according to the Post.
These countries tend to offer a fast track to citizenship and protections from the Justice Department and IRS.
I guess Lenin was right...people do vote with their feet. Obama might actually have to seal the US borders, but to keep US citizens from fleeing his tax hell.
obama is serving Golden Goose at the whorehouse next Thursday.
“Governments answer? More rules and regulations to try to force people to stay and pay.”
Eventually they build a wall, with machine guns and dogs to keep you from trying to escape.
This is why the left wants world government. Then there will be nowhere to run to protect one’s assets.
Enter the “UN World Social Security Tax”.
That’ll teach ‘em!
0bama is Santa and John Galt is the Golden Goose.
This mind you in a country where their leading pasttime is fattening-up the goose for the purpose of harvesting its liver.
Irony. The Mark of Quality Literature.
And that's why the Left will never see their ideas implemented in any workable way. There's not a chance in h$ll of ever seeing a one world government.
In fact, Obama is driving the U.S. to a point at which its individual members are beginning to consider separation from the whole.
Obama is just a typical academic. He thinks his grand theories will work when there is no time in the history of the world when they have been proven to be viable.
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