France socialist President Farncois Hollande got elected in 2012 promising the wealthy a 75% tax, something that any wealthy millionaire will balk at paying. As a result, many millionaires in France today are applying for change of residency. Mr. Arnault, who right away after Hollande's election transferred his wealth to Begium, wants to make sure his five children will get their inheritance after he dies and not the French socialist government.
Bernard Arnault, one of the richest man in the world, is the head of luxury products group LVMH. His brands are Moet and Chandon champagne, Dior perfume, Louis Vitton, Fendi, Marc Jacobs, Donna Karan, Givenchy, Berluti and Thomas Pink.
Former France President Nicolas Sarkozy is rumored to be moving to England to avoid the socialist tax. Hollywood actor Bernard Depardiue fled the country tax also as he considers moving to Russia. When actor Will Smith last year in an interview while at France was asked about the 75% tax, he shook his head saying the amount is too much. Looks like the formula to create an exodus of rich residents is just to tax them. Socialism is always concern about people making too much money, they only believe in equality through equal poverty. Intead of encouraging wealth, the politics of envy in socialism discourages wealth as too much wealth is considered a sign of social injustice.
Copyright 2013 Ketchie V. Schauf
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