Skip to comments.Johnny Depp Flees France Over Tax Hikes
Posted on 09/03/2012 10:25:15 AM PDT by Kaslin
Im a bad person. I know its not nice to take joy in the misery of others, but I cant 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 its my job to promote liberty, Ill confess that its easier for me to convince non-French policy makers that free markets and small government are the right approach when theres more evidence that statism is failing in France.
So why am I smiling? Well, France wasnt 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.
Heres some of what Reuters recently reported.
The French are bleaker about their countrys future than at any time since 2005, a new poll showed on Saturday, with 68 percent saying they are rather or very pessimistic Hollandes 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 governments 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.
Im wondering when the pessimism will spread to investors. France recently lost its triple-A credit rating, but the rating agencies dont do a good job, so I think its 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 isnt 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 governments 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.
Ive already written about French entrepreneurs and investors leaving the country because of Hollandes class-warfare tax agenda. Its 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 didnt 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 Britains 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 doesnt 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. Obamas class-warfare agenda isnt as bad as what Hollande is trying to impose, but its not Hong Kong or the Cayman Islands either.
P.S. Heres 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.
Depp, meet dork. Dork, Depp.
Don't forget John Malkovich who fled France in 2003 with his French Marxist wife and children because of a tax dispute.
Malkovich's troubles multiplied after he returned to America and lost millions that he invested with Bernard Madoff.
In fairness, Malkovich claims to be apolitical, and he is a dedicated friend of Israel, so maybe we can cut him a little slack.
“Taxman” was written by George Harrison.
“Taxman” was written by George Harrison.
No such thread. I searched FR.
Good Lord! I don’t have a clue on what to say. France is probably the most screwed up country on the planet in the past 200 years. They embrace Socialism and have been importing Ragheads in record numbers. At least fagboy Johnny got out before they surrendered to Germany again.
you are correct - the US is the only country with a double taxation.
Pray for Johnny Depp, to have his heart and mind opened to reality of Jesus Christ, the Son of God, that died to redeem the sinners of this world, whom sincerely seek to know God.
Hollywood is close to being entirely secular, having no belief in God or Creator. It is the education they receive.
Why don’t France, Spain, Portugal and Greece implement the Buffet Rule? Problem solved.