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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

38 comments fedilink hide all child comments

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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[–] WanderingThoughts@europe.pub 20 points 4 days ago (1 children)

There are few different economies. The top 1% own the businesses, top 10% own shares and investments and the 90% who just work paycheck to paycheck.

This guy is not talking about the 90%.

[–] A_norny_mousse@feddit.org 3 points 4 days ago* (last edited 4 days ago) (1 children)

There are (..) different economies.

Thank you, I need to remind myself that "The Economy" is just another lie, usually cited with the undertone that it's too complex to understand for the 90%.

[–] merc@sh.itjust.works 1 points 3 days ago

Try replacing "the economy" with "rich people's yacht money". From a tweet many years ago.

Medicare for all would destroy rich people's yacht money
The Dow Jones jumped 5%, indicating a real strength in rich people's yacht money
etc.