Income tax -- France 75% max; Russia 13% flat.
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— Arthur Brooks (@arthurbrooks) January 2, 2015
France waves discreet goodbye to 75 percent super-tax
(Reuters) - When President Francois Hollande unveiled a "super-tax" on the rich in 2012, some feared an exodus of business, sporting and artistic talent. One adviser warned it was a Socialist step too far that would turn France into "Cuba without sun".....................................................................................................................
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[F]ormer French president Nicolas Sarkozy, his wife Carla Bruni, and Bernard Arnault—“France’s Richest Man”—are reportedly also considering leaving their homeland in response to the country’s proposed “millionaire’s tax.” The Times of London reports that Sarkozy is “sounding out investors” for a private-equity fund he would like to establish in Britain. Sarkozy has previously revealed that after his political career, he’d like to concentrate on personal-wealth building. “I’m going to do this for five years and afterwards I’m going off to make dosh like Clinton,” the former French leader said in 2008. According to Forbes, taxes in London may be 50 percent, compared with a proposed 75 percent tax for the wealthy in France. While a spokesman for Sarkozy has denied that the former president is moving to London, she would not comment on the report that Sarkozy is attempting to establish a private-equity fund there. In other France-fleeing rumors, the Guardian reports that French business magnate Bernard Arnault—who is estimated to be the world’s 14th richest person with a $29.5 billion net worth—has applied for Belgian nationality. The head of the luxury-goods company Louis Vuitton Moët Hennessy, Arnault is also believed to have transferred his stake in the family group that controls L.V.M.H “to a firm set up for the purpose in Belgium, where taxes are lower.” A spokesman for the 63-year-old billionaire claims that Arnault was not trying to evade the potential tax but simply wanted to “preserve the company in case he died suddenly.”
[Source: Vanity Fair http://www.vanityfair.com/online/oscars/2013/01/gerard-depardieu-tax-evasion-france-nicolas-sarkozy-bernard-arnault Message to LEFT: You can't make this stuff up.]
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