Johnny Depp Flees France Over Tax Hikes

Townhall.com ^ | September 3, 2012 | Daniel J. Mitchell

[Kaslin]

I’m a bad person. I know it’s not nice to take joy in the misery of others, but I can’t help but smile when I see a story about bad news in France.

In my defense, this is not because of hostility to French people, who have always been friendly to me. Instead, France has become the global symbol of statism (particularly since Sweden has been moving in the right direction). The French, for instance, are increasingly infamous for class-warfare tax policy and onerous levels of intervention.

And since it’s my job to promote liberty, I’ll confess that it’s easier for me to convince non-French policy makers that free markets and small government are the right approach when there’s more evidence that statism is failing in France.

So why am I smiling? Well, France wasn’t doing so well under the de facto socialist Nicolas Sarkozy, and it seems that things are looking even worse now that the de jure socialist Francois Hollande is in charge.

Here’s some of what Reuters recently reported.

“It’s always time for a tax hike!”

The French are bleaker about their country’s future than at any time since 2005, a new poll showed on Saturday, with 68 percent saying they are “rather” or “very” pessimistic… Hollande’s government has been reeling from unemployment at a 13-year high and a rash of job cuts in recent weeks at top employers like carmaker Peugeot and retailer Carrefour. The government launched a plan this week to create 150,000 state-sponsored jobs for youth. Only 34 percent of those surveyed were confident in the government’s ability to battle unemployment, and just 20 percent expect the government to be able to improve their buying power. …The poll found that the pessimism extended even to 58 percent of Socialist party supporters.

I’m wondering when the pessimism will spread to investors. France recently lost its triple-A credit rating, but the rating agencies don’t do a good job, so I think it’s much more important to look at the prices of credit default swaps.

In other words, how much does it cost for an investor to insure debt from the French government? According to this CNBC site, France isn’t viewed as being as creditworthy as nations such as Switzerland, Germany, and the United States, but it is closer to those countries than it is to Spain, Italy, or Portugal.

This is just a guess on my part, but I think France is reaching the point where investors are suddenly going to get concerned about the government’s ability to fulfill its promises.

If Hollande follows through on his threat to impose a “patriotic” 75-percent tax rate, for example, that could be the trigger that makes the bond market a lot more skittish. Particularly since it will result in fewer rich people in France.

I’ve already written about French entrepreneurs and investors leaving the country because of Hollande’s class-warfare tax agenda. It’s gotten so bad that even Hollywood types are packing their bags.

Actor Johnny Depp has moved out of France and returned to America because he didn’t want to become a permanent French resident and pay income tax there. …Depp has now moved his family out of France after government officials asked him to become a permanent resident, as he feared he would end up paying tax in both countries. He tells Britain’s The Guardian newspaper, “…France wanted a piece of me. They wanted me to become a permanent resident. Permanent residency status – which changes everything. They just want… Dough. Money… ” Depp goes on to explain that if he spends more than 183 days a year in France he will have to pay income tax in both Europe and America, adding, “So you essentially work for free.”

Wow, complaining that he doesn’t want to “work for free.” What is he, some sort of radical libertarian from the Tea Party?

But he may want to chat with fellow tax-averse actor Jon Lovitz before moving back to America. Obama’s class-warfare agenda isn’t as bad as what Hollande is trying to impose, but it’s not Hong Kong or the Cayman Islands either.

P.S. Here’s a very good Chuck Asay cartoon about the French economy.

P.P.S. In a few areas, France has better policy than the United States.

[Beowulf9]

“As an ex-canadian, I usually am privy to tax attorney’s who handle some of the NHL players work stuff here in America. From what I’m told, (don’t want to say who or which team), it is cheaper for canadian players to set up shop in America than canada due to tax credits they receive using a certain visa. In canada, they pretty much take out 56% (around that rate), and they kill the NHL players returning to canada when it comes to tax time.

There is a reason why you see a lot of canadian ex-NHL hockey players marrying Americans and staying here for the long haul.”

Paying for socialized everything?

[dfwgator]

Lenon's "Taxman" was probably the best anti-tax protest song of all time.

That was George Harrison, not Lennon.

[TigersEye]

Johnny Depp hates the poor. Doesn’t want to do his part.

[Happy Rain]

He is Heath Ledger walking—I give him six months.

[USFRIENDINVICTORIA]

OMG! My bad. I’ve always thought that Harrison was under-appreciated, compared to McCartney — and there I go, failing to give him the credit he’s due. Thanks for setting the record straight.

[reagan_fanatic]

Wait...I thought rich people were supposed to be willingly tripping over their own feet to pay as much tax as they can, even more. That’s what liberal hollywood tells us.

I’m so confused...

[nascarnation]

It’s another sign of pure MSM bias that no commentator ever asks these libs -

well of course you had your taxes calculated without the Bush tax cuts, right? right?

[Travis McGee]

Sailboats, yes.

[Catsrus]

Hmmm, this makes me think of Mike Fisher, who married Carrie Underwood. He is from Canada and a NHL star. They recently built a house in Nashville and he is now playing on an American team. Things that make you go hmmmmmmmmmm.

[cricket]

France voted in this misery - but then; so did we,vote in ours. Just seems they knew better; than the Lib zombie voters in US. And they do not have to wait four years to make a change...

As for the hollywierd hypocrisy. . .it - and 'they' - reek. . .

[mylife]

I like Johnny Depp as an actor but the man is a buffoon.

He should have to spend time at the Chateau Depp.

[mylife]

http://en.wikipedia.org/wiki/Ch%C3%A2teau_d%27If

[Hugin]

A joke illustrating Schadenfreude...

A poor peasant is digging a field when he sees a brass lamp laying in the mud. He takes it out and starts rubbing the mud away, when a genie appears. The genie tells him he will grant one wish for freeing him, so choose carefully. The peasant thinks, then says, “My neighbor has a cow. Every day he gets milk, and he makes butter and cheese. I don’t have a cow, so whenever I want milk, or butter, or cheese, I must buy it from him. It’s not fair.”

“So”, the genie says, “what is your wish”.

“I want you to kill the bastard’s cow!”

[Hotlanta Mike]

The French, for instance, are increasingly infamous for class-warfare tax policy and onerous levels of intervention.

---

It goes beyond that...they murdered the last King & Queen of France after the French Revolution and of course went after the aristocracy. PBS last week aired a biography of the life of Marie-Antoinette using her letters and diaries to complete the picture.

[lentulusgracchus]

Many very wealthy people have left the US because they can no longer stand the incessant encroachments...

I expected the really big yachts to sail in 2008 or 2009, but they're still swinging at anchor in the New York Yacht Club basin (well, except Romney's -- he's Cayman-flagged now)..... for now.

As soon as the Fed's free-money party stops, I expect they'll hoist hook for the Caymans or Vonaire or Bermuda, the latter the favored haven of refuge for some big Hong Kong money as reversion loomed in the late 90's.

Obama can't push through new tax rates without the House, but he can still direct the IRS to write a number of new tax-law interpretations unfavorable to taxpayers, and enforce them with audits. Retroactively to 2009 if need be, claiming "clarification".

[mylife]

Obama is the taxman

http://www.youtube.com/watch?v=_0M__0Z1pjg

The walrus was Paul

[Albertafriend]

I was just wondering yesterday about how France was doing with the new socialist in office.

[Dr. Bogus Pachysandra]

Er ist ein Depp!

[bert]

-——except Romney’s — he’s Cayman-flagged -——

citation please