[mattduke]

The latest estate agency figures have shown large numbers of France's most well-heeled families selling up and moving to neighbouring countries. Many are fleeing a proposed new higher tax rate of 75 per cent on all earnings over one million euros. The previous top tax bracket of 41 per cent on earnings over 72,000 euros is also set to increase to 45 per cent.

The next logic step of socialism is to build a wall.
http://www.telegraph.co.uk/news/worldne ... althy.html

[rangerone314]

No wall. Just declare that they are still French citizens and will still be subject to a tax even if they move. Then if they defy that, send Interpol after them and bring them back in irons.

Sort of reminds me of Gadaffi trying to flee Libya with his loot. Assad will probably do the same.

[Keith_McClary]

The trick is to find some tiny tax haven where your loot is secure, but you don't have to pay taxes to fund the security.

Suggestions?

[dinopello]

The trick is to find some tiny tax haven where your loot is secure, but you don't have to pay taxes to fund the security.

Suggestions?

Isn't that what the Cayman Islands are all about. I think they can jail you for even inquiring about a private citizens wealth. They have 2 companies for every citizen of the Island.

[dinopello]

dupe

[Timo]

The trick is to find some tiny tax haven where your loot is secure, but you don't have to pay taxes to fund the security.

Suggestions?

Mitt Romney might have a few good suggestions on where to find those tax havens.

[The Practician]

While 75% tax on earnings over 1 mil. Euros seems like a bit much, I would wager that the majority of the people who make that much aren't really "earning" that money themselves. other people- citizens- are earning that money for them, and they deserve a good portion of their their hard work to go towards paying for public services, not their rich bosses extra homes and stupid toys.

That said, I fully realize that in this day and age what I have just written is ludicrously idealistic, and that in reality the higher tax rate would probably be used to fund the bank bailouts that benefit mostly the kinds of people subject to the higher tax rate. The mind reels.

[dinopello]

I give the rich frogs one month of boiled meat and warm beer before they tuck their frog tails and run back through the chunnel.

[dsula]

No wall. Just declare that they are still French citizens and will still be subject to a tax even if they move. Then if they defy that, send Interpol after them and bring them back in irons.

I would be very quick to give up my french citizenchip, then.

[Quinny]

Wish they'd hurry up and leave, I'll swap their land in France for mine in UK any day

[Shaved Monkey]

Are we talking personal tax or company tax ?
If its personal how many individuals actually make money directly to them its all from one biz to another with trusts in between and plenty of deductions and write downs.
Family holidays become board meetings,restaurant meals are deductible,so is the latest car,art works are superannuation etc etc.
Lets not cry for the filthy rich they can afford could lawyers and dodgy accountants.

[kublikhan]

I don't think anyone is crying about the tax plight of the filthy rich. It seems more about unintended consequences. The unintended consequence seems to be the filthy rich moving out of France.

It seems to me an ill conceived plan to jack up rates from 41% to 75% in one fell swoop. The highest taxes in Europe are in Sweden and even those are only 57%. If I was raising taxes, I personally would go for the boiled frog approach(no pun intended). Raise taxes a little each year and give people time to adjust to the new tax rate. Before you know it, they will be paying the 57% rate and be used to it. People will have trouble justifying packing up and leaving over a 2% rise in taxes this year. But if you nearly double the taxes in one swoop, you are going to piss alot of people off, perhaps even enough to trigger a move.

[Pops]

US cuts taxes for the rich. The rich get richer. Complain.

Clueless non-rich get poorer. Demand rich get richer.

[careinke]

While 75% tax on earnings over 1 mil. Euros seems like a bit much, I would wager that the majority of the people who make that much aren't really "earning" that money themselves. other people- citizens- are earning that money for them, and they deserve a good portion of their their hard work to go towards paying for public services, not their rich bosses extra homes and stupid toys.

That said, I fully realize that in this day and age what I have just written is ludicrously idealistic, and that in reality the higher tax rate would probably be used to fund the bank bailouts that benefit mostly the kinds of people subject to the higher tax rate. The mind reels.

Wow, you could be an Ayn Rand character in Atlas Shrugged with that speech.

[Roryrules]

I give the rich frogs one month of boiled meat and warm beer before they tuck their frog tails and run back through the chunnel.

Boiled meat and warm beer? Where did you get that stereotype from, the 1940s?

As for the article; it just goes to show how insanely idiotic Hollande's policies are. He's basically trying to take France back thirty years to a time when the rich could be squeezed until they squeaked to fund the state's profligacy.

It didn't work particularly well then and it certainly won't work now.

[EnergyUnlimited]

The highest taxes in Europe are in Sweden and even those are only 57%. If I was raising taxes, I personally would go for the boiled frog approach(no pun intended).

However new French president is attempting to boil a lobster, not a frog.

Somehow I am finding that all attempts to tax the rich are actually meant to destroy middle class instead but this is not officially stated.
Rich are wiggling out nicely (or getting a bailout) and middle class is ending up paying higher taxes.

Socialism is s*it.

[dinopello]

I give the rich frogs one month of boiled meat and warm beer before they tuck their frog tails and run back through the chunnel.

Boiled meat and warm beer? Where did you get that stereotype from, the 1940s?

Yes ! The good 'ole days. I know, we now have the real cask ale in the USA, served at the proper temp, while the Brits drink ice-cold fizzy bud, but their fight'n back. Brits still have better Indian food though.

[Roryrules]

I give the rich frogs one month of boiled meat and warm beer before they tuck their frog tails and run back through the chunnel.

Boiled meat and warm beer? Where did you get that stereotype from, the 1940s?

Yes ! The good 'ole days. I know, we now have the real cask ale in the USA, served at the proper temp, while the Brits drink ice-cold fizzy bud, but their fight'n back. Brits still have better Indian food though.

Budweiser tastes like piss; give me a bit of Scrumpy any day. I'm glad to see that the Americans are finally coming to their senses though.

I'm still bemused by the boiled meat comment though. I've lived in the UK almost my entire life yet I've never once seen anyone eat boiled meat unless we're counting Gammon?