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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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[–] TankovayaDiviziya@lemmy.world 6 points 2 days ago (1 children)

Just implement capital flight tax. Norway has done it.

[–] threeduck@aussie.zone 1 points 2 days ago (1 children)

After the rate hikes in 2022, capital flight exceeded the additional revenue raised by the higher rates. And Norway had incentivised local governments to have a stake in the wealth tax which aided in the responsibility of the tax, something I haven't read France propose.

[–] TankovayaDiviziya@lemmy.world 1 points 2 days ago* (last edited 2 days ago)

After the rate hikes in 2022, capital flight exceeded the additional revenue raised by the higher rates.

The wealthy fled before the tax on capital flight was implemented.

And Norway had incentivised local governments to have a stake in the wealth tax which aided in the responsibility of the tax, something I haven't read France propose.

Because France is run by politicians who pretend that there is no solution to combat the threat of capital flight, because they are in rich people's pockets.

Even Warren Buffet advocate increasing tax on the wealthy. He stated that higher taxes did not actually stop them from investing or leaving the country with their wealth, when the US used to tax higher rate on the higher marginal wealth bracket. Only relatively few wealthy people do leave the country.