Posted on 09/08/2012 8:30:05 PM PDT by Lorianne
A Belgian newspaper says Bernard Arnault, France’s wealthiest businessman and boss of the LVMH luxury house, has applied for Belgian citizenship.
La Libre Belgique newspaper reported Saturday that Arnault’s citizenship application was confirmed by the head of Belgium’s naturalization office.
French media drew a connection to French President Francois Hollande’s plan to raise the tax rate on France’s highest earners to 75 percent.
But tax experts said obtaining Belgian citizenship would not change Arnault’s tax situation, which is determined by residence, not citizenship.
(Excerpt) Read more at washingtonpost.com ...
Hey rich libs, welcome to your future under Obama..oh who am I fooling, probably those rich libs who vote for Obama will get a tax exempt status and wont have to pay a dime, that is what they get for bending over and kissing Obama’s ring
With his money, residence is really, really easy to fix.
Cincinna .. French ping?
If we had any brains at all we would be going after European rich people to park their money and jobs over here. Unfortunately, we just want to punish our own rich and drive them away.
Poor guy will have to shack up and live impoverishly with Johnny Depp.
rich friends with benefits can always get grants and stuff from the federal government
If you build it, they will leave.
Apparently, Belgium and France have a top rate of about 40%.
The French guy is worth about $41 Billion.
He claims that becoming a Belgium has nothing to do with raising the top rate to 75% in France. I doubt many people believe him, but common sense would say it is true.
It never ceases to amaze me how liberals think that tax rates has no effect on behavior. Can you imagine an almost doubling of your tax bill?
Remember what Reagan said about the economy:
Government’s view of the economy could be summed up in a few short phrases:
If it moves, tax it.
If it keeps moving, regulate it.
And if it stops moving, subsidize it.
Fools taxing the productive out.
Absolutely! Just across the border. Makes sense. I would do it too.
He will be gone as a guy can get quick.
Thanks Lorianne.
News flash to the geniuses in Paris. He's not planning to change his citizenship but remain in France. He's planning to change his citizenship and reside in Belgium to avoid having 75% of his income confiscated by French speaking parasites.
Government spa resorts for all the hard working French civil servants?
I suspect this is a scam designed to put very valuable property into the hands of wine-sipping government officials.
*** FRENCH POLITICS AND CULTURE PING LIST ***
*** FREEPMAIL ME IF YOU WANT TO JOIN ***
H/T EDINVA and Sunken Civ
Arnault is the CEO of LVMH, the acronym for the French luxury goods conglomerate Louis Vuitton Moêt Hennessey. Luxury goods like champagne, perfume, fashion, are a very large sector of France’s export economy. Arnault has done a magnificent job of promoting French priducts, and minting their world renowned high quality.
For this, the socialist government wants to repay him with a kick in the derrière and a 75% tax on the fruits if his labor.
Monsieur Arnault now has a portfolio of more than 60 French luxury brands, including
• Moêt champagne
• Hennessey cognac
• Louis Vuitton
fashion & leather goods
• Dior Parfum
• Tag Heuer
watches
• Château d’Yquem
wine producer
He cannot take his businesses with him, but this is a big statement and a warning that the highly productive members of French society are not going to surrender to the State.
The next move on the part of M.Arnault would be to scale back his businesses. This means laying off employees and reducing output, which would serve to ratchet up prices on already expensive luxury goods but would, in essence, cut the tax revenue.
You know your nation’s taxes are high...when rich people are fleeing to high-tax Belgium
When asked, “Comment peut-on dire << ketchup>> en français?”
M. Arnault replied, “On ne dit pas ça en français.”
IMO, Belgium is not much better in terms of taxes. I think this guy is seeking to end up in Monaco. France has an agreement with Monaco to tax crap out of rich who escapes there. I think Belgium is a step to avoid it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.