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December 11th, 2012 08:41 AM
The rich are fleeing france...
Although many say that raising taxes on the rich won't hurt the economy and they need to pay their "fair share" here is more proof that just raising taxes on the rich will result in a loss to the economy...
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. The result: the best opportunity in years for foreigners to buy a Parisian pied-à-terre or country château.
The number of high-end homes on the market has increased, with sales due to expatriations skyrocketing this year to several a week from a few a month, says Charles-Marie Jottras, president of leading luxury brokerage Daniel Féau. Fiscal expats account for more than half of the homes Daniel Féau lists between $6.4 million and $19.2 million, compared with about 10% in prior years.
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. The proposed taxes apply only to primary residents of France, however; those who buy a property as a vacation home and spend less than half the year in France will not be affected.
The article is about cheap housing but the gist of the issue is that higher taxes will result in an exodus of the wealthy...read more http://homes.yahoo.com/news/is-this-...190653964.html
December 11th, 2012 08:53 AM
We should never determine legislation based upon the trends of expatriates.
December 11th, 2012 11:51 AM
Who would blame them? I could see that happening hear as well if taxes got really out of hand. If the 1% just packed up and moved the 99% would be fracked.
December 11th, 2012 11:54 AM
Rather we should base it on intelligence and rational forecasting...both of which lead to the rejection of the idea that installing an über tax on the rich is asinine and destructive.
December 11th, 2012 12:44 PM
Agreed, but Clinton levels ain't bad.
December 11th, 2012 12:46 PM
No they are not...and taxing only those making above 250k won't do shit to help with the overall deficit...
December 11th, 2012 12:55 PM
It would be about 8 days of government spending, so I have heard.
Then what? Most of the very wealthy will still find ways to shelter their money from increased taxes.
December 11th, 2012 01:23 PM
Agreed. But like I've read it in places that it would only cover about 8 days of spending. Then what do you have?
December 11th, 2012 01:31 PM
We are spending just short of 10 billion a day (3.6 trillion/365)...taxing those making more than 250k a year probably won't even cover 8 days....
December 11th, 2012 01:47 PM
I really need to go visit France soon. I'm afraid it's not going to be the same place in 10-15 years which is sad. The people are rude, but the country and it's history are great.
December 13th, 2012 12:21 PM
So now some of you think the French can actually have good ideas? I guess it's just a social class thing, and not a matter of nationality.