Business – France’s ‘Super-Rich’ Take Their Fortunes to Belgium for Safety-Away From The Tax and Spend Mongers – France 24 on RexAdventure.

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France Unwisely Over Taxes France’s ‘Super-Rich’. They Respond and Take Their Fortunes to Belgium for Safety.

Latest update : 15/September/2014
image France needs jobs for French workers, so the government scares away the very investment capital needed for increased employment. How stupid governments can get.

© Philippe Huguen, AFP

Article text by Louise Nordstrom of France-24.

A fifth of France’s 100 richest people have moved a total of €17 billion to neighbouring Belgium in recent years, a report showed at the weekend, saying the exodus is largely due to French socialist President François Hollande’s tax policies.

The report, published in Belgian financial daily L’Echo, lists France’s richest man, LVMH CEO Bernard Arnault, media moguls Stéphane Courbit andBernard Tapie, as well as the Mulliez family, which controls the Auchan supermarket chain, among those who have made the move.
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But many of France’s wealthy appear to have crossed over the border only recently.
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Many “have shown up in the past three years, in other words since François Hollande was inaugurated as president,” the paper writes, attributing it to the socialist government’s pressure to get the economy back into the black amid soaring unemployment and a ballooning deficit.
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Since he came to power in 2012, Hollande has raised income taxes, VAT (value-added tax) and corporate taxes.

Although Hollande failed in his bid to hike the tax rate on incomes of more than €1 million to a heartstopping 75 percent, the mere threat of such a possibility sent some of France’s richest running to the hills, including actor Gérard Depardieu who now lives in Mordovia in Russia, after first setting his sights on Belgium.
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It probably didn’t help matters that Hollande was once quoted as saying: “I don’t like the rich”.
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L’Echo also cited Belgium’s generally lower income taxes as well as France’s solidarity tax on the wealthy, known as ISF, which ranges between 0.5 percent and 1.5 percent on earnings exceeding €1.31 million, as a further motivation to lure the rich of France out of France.
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Alternative Summary:
You can not have a growing job market and economic growth when your labor laws make the business employer the ‘slave’ of the worker or employee. If you can not hire and fire workers based on productivity and profitability then you have required business owners to become the welfare payers of a public debt out of private assets. Hay France how’s that communist anti-business plan working out for you? Not very well? Then why does the French Leadership not start growing the economy (by helping free market businesses) instead of making workers rights greator than business owner rights. Let businesses hire and fire workers based on demand and worker ability instead of burdening businesses with lazy and over pampered dependent workers? When free markets are burdened with collective guaranteed benefits, the result is eventual collapse with a smaller economic ‘pie’ for everyone. Governments do not produce anything except methane gas from land fill sites. Letting the non-producers (government & voters) control the productive businesses providing goods and services will always fail in the long run. If you scare away investment capital, then do not act surprised or confused when your economy is flat until it starts to decay and decline.
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