06 August 2007

“In France, To Earn A Lot Of Money Is To Be Seen As A Little Bit Criminal”

However, the smart ones are voting with their feet:

Angry at paying more than 72 percent of his income in taxes, he moved to the ski resort of Gstaad last December in a storm of publicity. After Sarkozy's May election, Hallyday hinted he might come back. His press attache Catherine Battner says he has yet to make up his mind.

Fleeing the Tax

Households fleeing the fortune tax climbed to a record 649 in 2005 from 370 in 1997, according to a study by French Senator Philippe Marini.

Another study by the Economic Analysis Council, which advises the government, says about 10,000 business directors fled in the last 15 years, taking 70 billion to 100 billion euros ($137 billion) in capital to invest elsewhere.

Marini said the average age of the emigrants is 53, compared with 66 for the 394,000 people still in France who pay the tax. A third of those who left had started paying it only two years earlier, suggesting they represented new and growing wealth, he said.
Bend over Marianne. This is what you said you wanted.
“The Right to Laziness,” a 19th century book by Paul Lafargue, Karl Marx’s son-in-law, advised against working more than three hours a day. And French author Honore de Balzac famously said, “Behind every great fortune lies a crime.” This prejudice drove French citizens to Switzerland, Belgium, the U.K. and the
U.S., where at least 500,000 of them reside, either to make more or keep more of what they have. London and the U.S. are preferred refuges for younger people. Switzerland, with about 200,000 French residents, attracts the retired and stars like Hallyday.
Wealth? Obviously stolen by “the bosses”!

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