Bernard Arnault

Cheese eating surrender monkeys give up on massive taxing of the rich

Stupid Cheese Eating Surrender Monkeys they even surrendered on taxing the rich massively hard.

Of course they had to surrender on the socialist utopia of taking the rich because simply put massive taxes on the rich simply don’t work.

Fran?ois Hollande?s unpopular tax changes that imposed a 75% rate on earnings above ?1m (?780,000) will quietly disappear into the history books from Thursday.

The French socialist president announced plans for the controversial measure during his 2012 election campaign as a means of forcing the wealthiest to help dig the country out of economic crisis.

Although supported by the left, the reform sparked accusations of an anti-business agenda. After the ?supertax? was announced in September 2012 the government was accused of shooting itself in the foot by risking an exodus of high-profile personalities. Business leaders expressed fears that investors would pull out of France.

France?s richest man, Bernard Arnault, the chief executive of luxury group LVMH, took out Belgian nationality, and the actor G?rard Depardieu also moved across the border to Belgium before obtaining Russian citizenship. ? Read more »

The Exodus has begun

? Bloomberg

Socialists don’t really get it, but the simple fact is this, if you want to tax the arse of someone to make them pay for your expensive and unsustainable election bribes then they may just pick up and leave. That is precisely what is happening in France.

Jeremie Le Febvre, the 30-year-old founder of private equity marketing-services firm TBG Capital Advisors, plans to move to?Singapore?from Paris this year.

Not because of President-elect Francois Hollande?s pledge to boost taxes; rather for what Hollande?s victory says about how wealth is viewed in?France, the entrepreneur said.

?What?s really driving my departure is the fact that I don?t share the values that emerged during the election, the rejection of ambition and success,? he said in an interview. ?It?s part of France?s difficult relationship with money, but it has reached a new level. Even if it?s utopian, I need to believe for me and my descendants that the sky is the limit.?

France, the fifth-richest country and home to some of the world?s wealthiest people, including LVMH Moet Hennessy Louis Vuitton SA Chief Executive Officer?Bernard Arnault, doesn?t celebrate its affluent. Hollande, a Socialist who once said ?I don?t like the rich,? and who plans to slap a 75 percent tax on income of more than 1 million euros ($1.29 million), reinforces the sentiment that in France to be rich is not glorious.

?Hollande is using the 75 percent tax as a symbol to convey certain values through stigmatization,? Le Febvre said.

Hollande?s rhetoric against wealth and finance is prompting some in France to consider leaving, and European rivals are welcoming them. ?Bienvenue a Londres,? or welcome to London, Mayor?Boris Johnson?quipped in January. Switzerland and?Belgium?have been just as warm.