Skip to comments.Business Fleeing France as 75% Income Tax Looms
Posted on 10/07/2012 5:36:46 PM PDT by Snuph
A flood of top-end properties are hitting the market as businessmen seek to leave France before stiff tax hikes hit, real estate agents and financial advisors say.
"It's nearly a general panic. Some 400 to 500 residences worth more than one million euros ($1.3 million) have come onto the Paris market," said managers at Daniel Feau, a real-estate broker that specialises in high-end property.
Read more on Newsmax.com: Business Fleeing France as 75% Income Tax Looms Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!
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Romney clearly coordinated this.
If a 75% tax rate is so great, then wouldn’t a 150% tax rate be twice as good?
Think of all the good that extra revenue will do the public!
Would someone please cut taxes and regulation and bring those businesses over here? Romney? Ryan? Anyone? Bueller?
Millionaires who are not French citizens - and are poorly advised.
Wealthy Arabs, who earn no money in France? (But who will gladly fund Islamic fundies in France).
I have a friend (French) who owns a house on the Island of Corsica that he bought in the early 80’s. After which the local inhabitants tried to blow it up. But it rained and the device got wet and fizzled. LOL
He’s put it on the market because of the current idiot that was recently elected.
He worked hard all his life. Had a pastry shop in NYC before he retired.
He’s fond of ranting to me about the current socialist idiocy in Europe. He’s been a naturalized citizen here since the 1960’s. A good guy all around.
Under French Tax Law your friend is subject to their taxes also if he lives there over 170?? days.
Not any foreigners. If my info is correct, they have, or are going to, institute an excise tax on foreign purchasers of some 15%.
Also, there was some talk in the summer of "imputed rent" taxes. That is where an owner of a property is assumed to benefit from the rental income it would cost to rent it--so it is added to his income and taxed. I don't believe that has been implemented.
Evidently, most of these businesses are moving to California.
I was curious to find where the French rich were fleeing to. After all, most of Europe is at crisis level economically.
The destinations were London, New York and Geneva. All have a high tax rate, although not 75%.
Also mentioned were Canada, Israel and Singapore. I wonder what their tax rates are.
Gambling addicts? I imagine their market prices will sink fairly quickly.
I think François Hollande is going to be in for a shock of a lifetime when the French national budget suffers serious financial shortfalls because all the people with the money have left the country—including the money! That could cause such a big backlash it could cause Hollande’s government to fall through a no-confidence vote in short order.
The Dims almost go that one passed here couple years ago. They backed off at the last minute.
Jim Rogers sold out of NYC and moved to Singapore. He says it is the freest economy in the world, or something similar.
Imputed rent proposed... here? Reference please!
Boy, that would have raised a ruckus—but they could have forced it through. I didn’t know.