Rich businessmen pulling out of France as tax-hit looms


#1

Rich businessmen pulling out of France as tax-hit looms
10/07/12

AFP - A flood of top-end properties are hitting the market as businessmen seek to leave France before stiff tax hikes hit, real estate agents and financial advisors say.

“It’s nearly a general panic. Some 400 to 500 residences worth more than one million euros ($1.3 million) have come onto the Paris market,” said managers at Daniel Feau, a real-estate broker that specialises in high-end property.

While it is not yet on the scale of the exodus of rich French after the election of Socialist president Francois Mitterrand in 1981, real estate agents said, the tax plans of France’s new Socialist President Francois Hollande are having a noticeable effect.

While the Socialists’ plan to raise the tax rate to 75 percent on income above 1.0 million euros per year has generated the most headlines, a sharp increase in taxes on capital gains from the sales of stock and company stakes is pushing most people to leave, according Didier Bugeon, head of the wealth manager Equance.

People bright enough to accumulate wealth are smart enough to get out from under high taxes when the incentive is great enough? Who’d athunk it?! I wonder how many job-creating companies and job-creating individuals were among those who fled (or soon will)? Should some one inform the fools in WashDC about this stunning development?


#2

Where are they going? Since the US is going down the tubes, thanks to our current administration, what countries are still business-friendly?


#3

Sure. That is if you don’t mind being demonized from one end of the globe to the other.

London doesn’t suit me, what w/their weather and health care system. Brussels and Singapore might work, however.

More seriously, what annoys me no end - outside the regulatory actions/taxes, that is - is the misdirected blame and anger.
It’s not the fleeing businesses that are to fault! It’s the nincompoops who put the regualtions and tax burden there in the first place!!!
Yes, I realize you knew that. However, I can’t tell you how many times I’ve heard self-proclaimed Conservatives state (vociferously) that the way to ‘fix’ it and/or fight back, is to tax the living daylights out of the businesses’ products as they come back to the U.S.
How stupid is that?! And these aren’t just average Joe’s on the street. These would be radio talk show hosts, who, out the other side of their mouths, sigh and wring their hands over the lack of economic knowledge of the average citizen.
:banghead:


#4

Socialism is failing across the globe as the US is hell bent for leather to get it…and when you run out of other peoples money what do you do…tell us /Bammy boy???