Taxing the rich finally working in France. They have more and more rich people leaving the country and go to countries more favorable tax treatment. Instead of getting some tax revenue, now they get no tax revenue. Instead of having some jobs, they have no jobs.
France warms to Gérard Depardieu, the heroic exile - Telegraph
Quote:
The symbolism has not been lost on the French. When France’s richest man, Bernard Arnault, the CEO and main shareholder of the luxury behemoth LVMH, applied for Belgian citizenship last August, it was easy for Socialists to paint him as an unpatriotic, despicable fat cat. “Get lost, you rich b------” blasted a headline on the front page of Libération, the Left-wing daily, effectively capturing the national mood.
But Depardieu is a vastly different proposition from a wealthy tycoon and former asset-stripper whose children’s weddings warrant 10-page spreads in society magazines. When Jean-Marc Ayrault, France’s prime minister, contemptuously called him “a pathetic loser”, Depardieu shot back with an open letter published on Sunday. “I was born in 1948,” he wrote, “I started working aged 14, as a printer, as a warehouseman, then as an actor, and I’ve always paid my taxes.” Over 45 years, Depardieu said, he had paid 145 million euros in tax, and to this day employs 80 people. Last year he paid taxes amounting to 85 per cent of his income. “I am neither worthy of pity nor admirable, but I shall not be called 'pathetic’,” he concluded, saying that he was sending back his French passport.
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Tax something and you will get less of it. France is exporting job creators due to their hash tax policy and spending habit. If we follow the foot steps of the French, we will have the same faith.
Socialism never works because the problem with socialism is they will run out of other people's money.
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