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Wealthy French are fleeing France


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2012 Dec 10, 11:02am   22,544 views  82 comments

by zzyzzx   ➕follow (9)   💰tip   ignore  

http://homes.yahoo.com/news/is-this-your-chance-to-pick-up-a-chateau-on-the-cheap--190653964.html

The French are fleeing. A spate of proposed tax hikes is leading hundreds of wealthy French to consider leaving the country and putting their homes on the market, real-estate agents say.

Several high-profile businessmen have already packed their bags. Former L'Oréal Chief Executive Lindsay Owen-Jones has taken up residence in Lugano, Switzerland. Belgium now counts Amaury de Sèze, who served as chairman of supermarket giant Carrefour, as a local. Nicolas Chanut, founder of French investment advisory firm Exane, moved to London.

Flush French are fleeing the new government's attempts to repair France's public finances by increasing taxes on salaries, capital gains and household wealth. Among the controversial proposals in the 2013 draft budget is a 75% tax rate on salaries higher than $1.3 million, up from less than 50% currently. "Wealthy French are not that masochistic," says Mr. Jottras.

Some aren't waiting for the new tax laws to pass, blaming their departure on what they call the government's antibusiness mentality. "Entrepreneurs have the impression that the country doesn't appreciate them," says Mr. Boichut. One of his clients with dual French and Italian citizenship is giving up his French passport in disgust, he says.

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76   dublin hillz   2012 Dec 13, 6:15am  

Peter P says

Yep, communism works only on captive customers.

Soviet style communism only works when population is terrified of being sent to a gulag to become a force of slave labor. But even that does not work for long.

77   dublin hillz   2012 Dec 13, 6:16am  

BobMSN says

Communism cannot prevail when people has freedom. That’s why only Cuba, North Korea can have communism for long time. European’s communism collapse at the fall of the Berlin Wall.

Their insecurity is best reflected in the fact that they only have 1-3 state run television network and that's it. That's the window into their insecure dark soul and a reflection of moral and spiritual bankruptcy.

78   lostand confused   2012 Dec 13, 6:20am  

david1 says

Instituting tariffs has hurt the economies of both countries involved 100% of the time it has been tried

david1 says

The rest of your post is garbage. I never claimed tariffs do not matter - I claimed tariffs do not contribute to economic growth. That you are unable to comprehend the fact that an economy may grow in spite of high tariffs is not my problem. There is not one factor that contributes to economic activity.

Garbage in, garbage out. People on the extreme of the left or right constantly amuse me. They have a fixed idea, then try and fit their reality into that idea and then if caught in a situation where they can't explain it away, furiously back pedal and throw all sorts of garbage. Sigh-so predictable.

79   zzyzzx   2012 Dec 17, 10:29pm  

http://www.myfoxdc.com/story/20369056/belgium-welcomes-french-tax-exiles-minister-says#axzz2FPJrPQQs

Belgium welcomes French tax exiles

PARIS (AP) - Belgium's foreign minister says his country will welcome anyone from France who wants to follow actor Gerard Depardieu in escaping higher taxes.

Didier Reynders says Tuesday it's France's own fault if its citizens are leaving the country, and it shouldn't try to push the blame off on Belgium.

Reynders says in an interview in the French newspaper Le Figaro that France has no one else to blame. The country, he says, should "accept the consequences."

Last week Depardieu announced his intention to turn in his French passport and move to Nechin, Belgium, a village that has drawn other high-earning French residents.

80   lostand confused   2012 Dec 17, 10:38pm  

Mind you, Belgium is no Hong Kong-where the max tax rate is 17% and there is no dividend/wealth/estate/capital gains taxes. Belgium maxes out at 50% or more of taxes.

81   New Renter   2012 Dec 18, 12:39am  

dublin hillz says

Peter P says

Yep, communism works only on captive customers.

Soviet style communism only works when population is terrified of being sent to a gulag to become a force of slave labor. But even that does not work for long.

No system works for long.

82   bob2356   2012 Dec 18, 2:40am  

lostand confused says

Mind you, Belgium is no Hong Kong-where the max tax rate is 17% and there is no dividend/wealth/estate/capital gains taxes. Belgium maxes out at 50% or more of taxes.

Please don't confuse the ideologues with facts.

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