LVMH owner Bernard Arnault, who could take €1bn hit, says proposed 2% levy ‘aims to destroy liberal economy’

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.

  • WanderingThoughts@europe.pubEnglish
    22·
    23 hours ago

    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.orgEnglish
      4·
      13 hours ago

      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.worksEnglish
        1·
        8 hours 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.