puisseguin Posted September 29, 2012 Share Posted September 29, 2012 Bernard Arnault, France's wealthiest citizen has applied to become a Belgian following Frances plan to impose a 75% tax rate of top earners. Bernard Arnault is said to be worth Euros 41 billion and already has a home in Brussels and so his application should be a formaily. Already Belgian, Swiss and UK estate agents are reporting increased interest in high end properties from wealthy French families looking at moving to lower taxed states. Apparently David Cameron has said he would welcome French businesses that chose to move offices to the UK. Link to comment Share on other sites More sharing options...
Joseph Anton Posted September 29, 2012 Share Posted September 29, 2012 But if you want to buy an expensive house in France there are now lots from which to pick. http://www.ibtimes.com/au-revoir-frances-rich-flee-hollandes-sky-high-taxes-proving-cameron-right-723702 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. Alexander Kraft heads up the French branch of Sotheby's Realty. He explained that Hollande's economic policies had quite a bit to do with this trend. The result of the presidential election has had a real impact on our sales, he said. Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government. Link to comment Share on other sites More sharing options...
puisseguin Posted September 29, 2012 Author Share Posted September 29, 2012 It is a very strange tax. It will only affect 7000 people out of a population of 70 million, and would only raise 500 million Euros if it could be collected. But it seems a large number of folk are leaving to pay their tax in other EU countries, and this includes many who do not meet the 75% tax threshold anyhow. But because some are also relocating their businesses as well it looks like the tax revenue will actually drop as a result of the tax increase. Link to comment Share on other sites More sharing options...
Stan Tamudo Posted September 29, 2012 Share Posted September 29, 2012 Zut Alors! Link to comment Share on other sites More sharing options...
WeX Posted September 30, 2012 Share Posted September 30, 2012 Case and point why huge taxes for the rich never work. Its gesture politics that usually comes from the left but not always. Can anyone explain to me why a flat rate of tax on everyone would not work? Link to comment Share on other sites More sharing options...
AbdullaJones Posted September 30, 2012 Share Posted September 30, 2012 Zut Alors! Oh my, thats so funny!!!!!! Link to comment Share on other sites More sharing options...
Harleyman Posted September 30, 2012 Share Posted September 30, 2012 After 75 percent of French businesses have gone to other countries and the French economy has gone the way of Greece ans Spain's Francoise Holland will be kicked out. He won on the slogan "squeeze the rich until the pips squeak" but any voter with the brains of a bean bag would know that sticking them with a tax rate of 75 percent would only serve to back fire in the long run Link to comment Share on other sites More sharing options...
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