This is in response to the new Gov'ts 75% tax rate.

"France's richest will actively seek tax havens which don't seek to extract three quarters of their earnings, in the process depriving France (and other countries who adopt comparable surtaxes on the rich) of critical tax revenues. It took three months for this to be confirmed, and with a bang at that. The WSJ reports that Bernard Arnault, the CEO of LVMH, and the richest man in France, has decided to forego hollow Buffetian rhetoric that paying extra tax is one's sworn duty, and has sought Belgian citizenship."

http://www.zerohedge.com/news/socialist-counter-revolution-begins-frances-richest-man-seeks-belgian-citizenship

---

Sometimes I feel like "I told you so", isn't enough...

I can't believe France elected a socialist. A 75% tax rate is downright insane I don't care how much money you have. Does anyone honestly think this is a good idea?

Isn't this the kind of stuff France has revolutions over?

The vast majority of the super rich make the vast majority of their money through non-traditional methods, which are not typically taxable as income. This varies from country to country, but if it's 75%, it's obviously safe to assume that it works the same way in France as it does in most of the rest of the world.

A 75% tax rate on income =/= a 75% tax rate on money made.

Hollande has told people of France that they must accept these tax rates and that they should support them out of national pride and patriotism. The man and the party that floods France with as many third world immigrants that it can get its hands on speaks of national pride. He's a joke. Expect increased support for Marine Le Pen and the national front as right wing movements continue to boom across Europe. If you want a globalized world expect the rich to go where the rich can be rich cheap.

It's not surprising. This happened the last time they raised taxes on the top rates as well I believe. They're going to lose more then they gain.

I don't actually believe it is a majority.  If I recall, I believe it's about 33%.   Unless that's just the rich i'm thinking of...

Either way.  France's Capital Gains tax is a flat 35%.

This guy I believe is head of a luxuary goods buisness which he owns.  He's like one of the top 5 richest guys in the world.

Hollande, has a 20 billion euro gap to close if he wants to hit his targets and keep to his stated parameters.

So really his tax plan could inlcude tax hikes on everything.   Including an outright one time wealth tax on all french citizens over a certain amount of money.

So i wouldn't be surprised if all kinds of rich french people are spooked.

It just shows how pathetic the rich, can't even handle a simple tax increase. I agree 75% is a bit much, but it's what you have to do, if you are in debt. I think 50 to 60% tax on the rich is fairer. Even the 45% tax on those who earn above £150,000 I think is fair, better than the ridiculously low taxes of America. Maybe, Hollande is a bit nuts on this.

But either way, a bad economy usually caused by moderates (liberals and conservatives) normally leads to the far left (communists) or far right (fascists) getting power, nearly always. If people aren't happy with Hollande, they just vote in the fascist Le Pen next time, who were 3rd in this year's election!

French revolution v2.0?

As a Belgian citizen myself, i have no doubt he will be granted citizenship by our political worms.

Well, It's not like Mr Arnault was paying much tax before this new taxation... See you, in five years maybe.