Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Business Fleeing France as 75% Income Tax Looms
Newsmax ^ | 07 Oct 2012

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!

(Excerpt) Read more at newsmax.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: economy; france; taxes
Go ahead raise those taxes on the evil rich.
1 posted on 10/07/2012 5:36:52 PM PDT by Snuph
[ Post Reply | Private Reply | View Replies]

To: Snuph

Romney clearly coordinated this.


2 posted on 10/07/2012 5:39:00 PM PDT by Gamecock
[ Post Reply | Private Reply | To 1 | View Replies]

To: Snuph

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!


3 posted on 10/07/2012 5:41:54 PM PDT by Tea Party Terrorist (Your tattoo looks stupid.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Snuph
The real question is, who would buy into such a market given the looming threat.
4 posted on 10/07/2012 5:42:42 PM PDT by hinckley buzzard
[ Post Reply | Private Reply | To 1 | View Replies]

To: Snuph

Would someone please cut taxes and regulation and bring those businesses over here? Romney? Ryan? Anyone? Bueller?


5 posted on 10/07/2012 5:44:13 PM PDT by Vince Ferrer
[ Post Reply | Private Reply | To 1 | View Replies]

To: hinckley buzzard

Millionaires who are not French citizens - and are poorly advised.


6 posted on 10/07/2012 5:45:09 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: hinckley buzzard

Wealthy Arabs, who earn no money in France? (But who will gladly fund Islamic fundies in France).


7 posted on 10/07/2012 5:46:41 PM PDT by Tea Party Terrorist (Your tattoo looks stupid.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Snuph

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.


8 posted on 10/07/2012 5:47:38 PM PDT by headstamp 2 (What would Scooby do?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: headstamp 2

Under French Tax Law your friend is subject to their taxes also if he lives there over 170?? days.


9 posted on 10/07/2012 5:51:51 PM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 8 | View Replies]

To: Snuph

Paris Skyline

Dubai Skyline

Paris was

10 posted on 10/07/2012 5:52:46 PM PDT by bert ((K.E. N.P. N.C. +12 ..... Present failure and impending death yield irrational action))
[ Post Reply | Private Reply | To 1 | View Replies]

To: hinckley buzzard
The real question is, who would buy into such a market given the looming threat.

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.

11 posted on 10/07/2012 5:53:31 PM PDT by Pearls Before Swine
[ Post Reply | Private Reply | To 4 | View Replies]

To: Snuph; a fool in paradise; Slings and Arrows

Evidently, most of these businesses are moving to California.


12 posted on 10/07/2012 5:54:03 PM PDT by Revolting cat! (Bad things are wrong!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Snuph

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.


13 posted on 10/07/2012 6:01:20 PM PDT by berdie
[ Post Reply | Private Reply | To 1 | View Replies]

To: hinckley buzzard

Gambling addicts? I imagine their market prices will sink fairly quickly.


14 posted on 10/07/2012 6:04:24 PM PDT by the anti-liberal
[ Post Reply | Private Reply | To 4 | View Replies]

To: Snuph

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.


15 posted on 10/07/2012 6:06:27 PM PDT by RayChuang88 (FairTax: America's economic cure)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Pearls Before Swine

The Dims almost go that one passed here couple years ago. They backed off at the last minute.


16 posted on 10/07/2012 6:08:54 PM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 11 | View Replies]

To: berdie

Jim Rogers sold out of NYC and moved to Singapore. He says it is the freest economy in the world, or something similar.


17 posted on 10/07/2012 6:08:54 PM PDT by Crimson Elephant
[ Post Reply | Private Reply | To 13 | View Replies]

To: Snuph
The Dims almost go that one passed here couple years ago.

Imputed rent proposed... here? Reference please!

18 posted on 10/07/2012 6:14:47 PM PDT by Pearls Before Swine
[ Post Reply | Private Reply | To 16 | View Replies]

To: Pearls Before Swine
It was in the stimulus bill. They removed it at the last minute. The way it was going to work was like this: If you owed less than 50% of the IRS’s estimated value of your home then the IRS would estimate what you would have made in rent had you not lived in it and you would pay income taxes on the imputed income. Because it is income if you are not paying a full value payment every month ya know.
19 posted on 10/07/2012 6:23:11 PM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 18 | View Replies]

To: Snuph

Boy, that would have raised a ruckus—but they could have forced it through. I didn’t know.


20 posted on 10/07/2012 6:32:17 PM PDT by Pearls Before Swine
[ Post Reply | Private Reply | To 19 | View Replies]

To: Pearls Before Swine

The DNC has proposed a wealth tax every year since 1994. It never gets out of committee. 15% of your retirement account (any type).


21 posted on 10/07/2012 6:35:34 PM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 20 | View Replies]

To: Snuph
The DNC has proposed a wealth tax every year since 1994. It never gets out of committee. 15% of your retirement account (any type).

That would have to be 15% of the income attributed to the account. 15% tax on the account would confiscate it in roughly 7 years.

Of course, that would go back on the whole promise/premise of IRAs, SEPs, and Roth accounts. A slightly lower tax rate wouldn't be enough to induce me to fence off my money for several decades.

22 posted on 10/07/2012 6:39:44 PM PDT by Pearls Before Swine
[ Post Reply | Private Reply | To 21 | View Replies]

To: Pearls Before Swine

um no, a one time 15% of the balance tax. but it would only be one time pinkie promise...


23 posted on 10/07/2012 6:43:51 PM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 22 | View Replies]


24 posted on 10/07/2012 6:46:03 PM PDT by Baynative
[ Post Reply | Private Reply | To 10 | View Replies]

To: Snuph

The communists had it all figured out. If you are going to confiscate wealth, you have to pass a law making it illegal to leave the country, or send money out of the country. Without that nice little touch, it can get tricky to take everyone’s money.


25 posted on 10/07/2012 7:35:00 PM PDT by Avid Coug
[ Post Reply | Private Reply | To 1 | View Replies]

To: Avid Coug

You do know there is an “exit” tax here in the USA right? Passed in the Clinton years. I have not seen any news articles of it having been enforced though.


26 posted on 10/07/2012 7:59:19 PM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 25 | View Replies]

To: Snuph

Wonder if all the Hollywood types (like Johnny Depp) will be leaving?


27 posted on 10/07/2012 8:16:15 PM PDT by ncpatriot
[ Post Reply | Private Reply | To 1 | View Replies]

To: Snuph
This is a land grab scam perpetrated by government officials to obtain incredible and limited properties at ridiculously reduced prices. I'm sure of it!
28 posted on 10/07/2012 10:31:46 PM PDT by Casie
[ Post Reply | Private Reply | To 1 | View Replies]

To: bert

Dubai is really built on shifting sand. Once the oil revenues and property bubble fades...


29 posted on 10/08/2012 2:23:59 AM PDT by Cronos (**Marriage is about commitment, cohabitation is about convenience.**)
[ Post Reply | Private Reply | To 11 | View Replies]

To: berdie

Income tax in Singapore ranges from 0% to 20%. also tax is only paid on money earned outside Singapore and brought into Singapore.


30 posted on 10/08/2012 2:25:41 AM PDT by Cronos (**Marriage is about commitment, cohabitation is about convenience.**)
[ Post Reply | Private Reply | To 13 | View Replies]

To: ncpatriot

Depp has already moved out...


31 posted on 10/08/2012 2:26:50 AM PDT by Cronos (**Marriage is about commitment, cohabitation is about convenience.**)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Snuph

I believe that was signed into law by George “the compassionate conservative” Bush in ‘08.


32 posted on 10/08/2012 2:47:03 AM PDT by Nickname
[ Post Reply | Private Reply | To 26 | View Replies]

To: ncpatriot

Johnny Depp announced 2 weeks ago he was leaving because of the 75% tax.


33 posted on 10/08/2012 3:33:18 AM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 27 | View Replies]

To: Nickname

You would be incorrect. It was passed by the Newt and his gang after he took Congress and signed by Clinton.


34 posted on 10/08/2012 3:36:48 AM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 32 | View Replies]

To: Snuph

Now they’re gonna have to raise it to 85% to make up for the lost businesses....


35 posted on 10/08/2012 3:59:40 AM PDT by trebb ("If a man will not work, he should not eat" From 2 Thes 3)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Snuph

They came back for more then. The one that was signed in ‘08 by Bush was called the HEART Act.

http://www.forbes.com/sites/robclarfeld/2012/07/02/are-you-considering-relinquishing-your-us-citizenship-like-fbs-eduardo-saverin/


36 posted on 10/08/2012 4:11:31 AM PDT by Nickname
[ Post Reply | Private Reply | To 34 | View Replies]

To: Snuph
um no, a one time 15% of the balance tax.

No wonder they call them the DNC.

37 posted on 10/08/2012 5:03:25 AM PDT by Pearls Before Swine
[ Post Reply | Private Reply | To 23 | View Replies]

To: Nickname

Yes the HEART ACT was for Ex Pats and non citizens. The bill passed by Newt and Clinton does not cover them. The HEART ACT is also much less than the one for normal US citizens.


38 posted on 10/08/2012 5:59:29 AM PDT by Snuph ("give me Liberty...")
[ Post Reply | Private Reply | To 36 | View Replies]

To: Cronos

Actually, Dubai is a major center of both finance and trade and is the gateway to the east. Antwerp is suffering from business moved there,

Dubai is also a major distribution center with free trade zones housing both massive ware houses and manufacturing. There is both a world class port and air freight center.

The reliance on oil is rapidly being superseded by massive trade.


39 posted on 10/08/2012 7:25:28 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Present failure and impending death yield irrational action))
[ Post Reply | Private Reply | To 29 | View Replies]

To: bert

true. it looks that way, but Dubai’s foundations are very shaky, based on a property bubble and threatened by the rise of Bombay as an alternative as well as the attempts by Qatar and Abu Dhabi to take the business away.


40 posted on 10/08/2012 8:14:37 AM PDT by Cronos (**Marriage is about commitment, cohabitation is about convenience.**)
[ Post Reply | Private Reply | To 39 | View Replies]

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson