The richest man in France has officially transferred his multi-billion pound fortune out of his homeland to Belgium.
Bernard Arnault, head of luxury goods group LVMH, insists he has moved his assets for ‘family inheritance reasons’.
But others are convinced that the 63-year-old has joined other tycoons and celebrities in wanting to avoid taxes – including a 75 per cent top rate on income – introduced by Socialist President Francois Hollande.
via Mail Online.
This story does not exist to any U.S. media outlets.
The left wing media does not want anyone to think the Laffer Curve actually exists.
So now instead of getting a decent amount of money in taxes from this guy — they had to get greedy and push the tax rate to 75% — and now they get NOTHING.
There’s a quote going around today:
The problem is Socialism is that sooner
or later you run out of other people’s money.
— M. Thatcher