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.
Every time they whinge about leaving if they get taxed and they actually do get taxed, they stay. Because it’s hard to move your fortune off of the source.
also they have to suffer a disadvantage if they do leave the country, for example they lose access to the french consumer market; if they shift their companies somewhere else, then they lose the ability to sell products in france and make money that way.
that can be implemented through import taxes.