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

Removing step up basis on assets, taxes inheritance over a limit, increasing capital gains taxes, taxing corporate buy backs, are all great wealth taxes. VAT is a horrible wealth tax, that’s not the level of wealth we want to target. We don’t want to target consumption, we want the money back in circulation. I don’t think anyone here appreciates your explanation or your intelligence as much as you do.

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

Ah, you're one of the morons who thinks a billionaire has a bank account filled with $1,000,000,000, just sitting idly, waiting to be added back into the economy by the government.

Good luck France, here's hoping you're the ONE country who can successfully institute a wealth tax.

[–] TronBronson@lemmy.world 1 points 1 day ago

No I think a billionaires assets are being leveraged by 10x at a 4% interest rates to manipulate asset prices and consolidate wealth. What do you think they are doing big brain?