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
NOTE: This is a story from 09/05/2012 that was stuck in the “draft” folder. Still as timely as ever.
French authorities say five people, including a teenage girl, have been shot in a forest in the Alps. All five were initially reported to be dead. The teenage victim is now reported to be in critical condition in a hospital, according to a local prosecutor.
An official with the regional administration for the Haute-Savoie region says three of the bodies were found in a BMW registered in Britain.
The Sipa news agency says the girl was found alive with bullet wounds on a forest road.
It happened in a forest near Chevaline, near Annecy lake, in Haute-Savoie.
The initial reports said a cyclist discovered the girl, the three bodies in the car and a fourth body, of a cyclist lying nearby.
The identity of the victims is unclear. The British Foreign Office says it is aware of reports of the incident and is looking into it.
via Fox New York.
Wait a minute… how is that possible? I mean, guns are just about completely outlawed in Europe (the Swiss being the notable exception.)
It appears that no matter how strict the gun laws become there will always be some nut who’s willing to break the “Gun Control” law. i.e. to rob or kill.
For those that don’t know, France recently had an election and voted for the most socialist guy on the ballot. The guy who’s promising to raise taxes on the rich and increase the transfer payments to the poor. The result? The rich are leaving… in droves.
France’s high earners feel increasingly unwelcome in a country now led by a man who has admitted: “I don’t like the rich.” So where are they looking? London. It comes as no surprise – while Hollande prepares to raise taxes, over here David Cameron is cutting the 50pc tax rate for income above £150,000 to 45pc. “I have already worked in London and lived in South Kensington,” said one French banker who expects to return to the UK over the next three months. “The question is how much of Hollande’s rhetoric will materialise into policy.”
Few are keen to find out. Private equity firms and American banks in Paris have already begun making arrangements for their top executives to set up office in London, amid widespread concern about changes to the French income tax regime.
This story is told over and over again in the European press, particularly earlier this week (I realize I’m late to the story.) But the U.S. press is just getting to the story; mostly in the business press. Neither the Chicago Tribune nor the sun-Times has not written a single word about it.
While it can be shown that the rich are generally willing to pay their fair share, i.e. remain in places with high taxes, it is only when they feel that the quality of life issues make paying the high taxes worthwhile. There can be no doubt that ever higher and higher taxes will drive the wealthy away; the Laffer Curve is real.
The net result of this is that higher taxes impose a disproportionate burden on the middle class and the poor. States like Illinois need to move to a more progressive tax structure; however they must do so very carefully in order to assure that the rich are not incentivized to relocate to Indiana.