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.
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.
um no, a one time 15% of the balance tax. but it would only be one time pinkie promise...
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.
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.
Wonder if all the Hollywood types (like Johnny Depp) will be leaving?
Dubai is really built on shifting sand. Once the oil revenues and property bubble fades...
Income tax in Singapore ranges from 0% to 20%. also tax is only paid on money earned outside Singapore and brought into Singapore.
Depp has already moved out...
I believe that was signed into law by George “the compassionate conservative” Bush in ‘08.
Johnny Depp announced 2 weeks ago he was leaving because of the 75% tax.
You would be incorrect. It was passed by the Newt and his gang after he took Congress and signed by Clinton.
Now they’re gonna have to raise it to 85% to make up for the lost businesses....
They came back for more then. The one that was signed in ‘08 by Bush was called the HEART Act.
No wonder they call them the DNC.
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.
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.
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.