T. A. Gardner
Thread Killer
Dead wrong, as usual.
Are you 13?
No, that's your IQ apparently...
https://www.dailymail.co.uk/news/ar...x-forces-12-000-millionaires-YEAR-France.htmlExodus of the richest: Wealth tax is forcing 12,000 millionaires PER YEAR out of France, says Prime Minister as he lowers tariffs for the better off
https://www.reuters.com/article/us-france-supertax-idUSKBN0K11CC20141223France waves discreet goodbye to 75 percent super-tax
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”.
Two years on, with the tax due to expire at the end of this month, the mass emigration has not happened. But the damage to France’s appeal as a home for top earners has been great, and the pickings from the levy paltry.
“The reform clearly damaged France’s reputation and competitiveness,” said Jorg Stegemann, head of Kennedy Executive, an executive search firm based in France and Germany.
“It clearly has become harder to attract international senior managers to come to France than it was,” he added.
https://www.bloomberg.com/opinion/a...ax-should-be-a-warning-for-warren-and-sandersFrance Tried Soaking the Rich. It Didn’t Go Well.
A wealth tax and sky-high rates on top incomes didn’t yield much revenue.
The French "super tax" of 75% on wealth for those earning over one million Euros a year was a disaster. The rich left or changed income strategies to avoid it. It produced little new revenue as a result and people who were rich living elsewhere avoided moving to France or even buying property there.
Just because you make a tax doesn't mean people will choose to pay it.