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Wealth tax would be deadly for French economy, says Europe’s richest man (www.theguardian.com)

submitted 4 days ago by resipsaloquitur@lemmy.world to c/nottheonion@lemmy.world

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cross-posted from: https://lemmy.world/post/36272492

Europe’s richest man, the luxury goods magnate Bernard Arnault, has said that a wealth tax that could cost him more than €1bn (£817m) would be deadly for France’s economy.

The French founder of LVMH Moët Hennessy Louis Vuitton said in a statement to the Sunday Times that calls for a 2% wealth tax on all assets “aims to destroy the liberal economy, the only one that works for the good of all”.

The idea of a wealth tax has steadily gained ground in France because of a political crisis, with the government trying to push through unpopular budget cuts. The idea of a 2% wealth tax on fortunes worth more than €100m has been proposed by Gabriel Zucman, an economics professor who has become a household name in France.

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[–] Luouth@lemmy.world 9 points 4 days ago

"We'd all die! Die, I tell you!"