The 63 year old billionaire France's richest nan, Bernard Arnault, who is worth £30 billion, is planning to escape to Belgium in order to avoid the 75 per cent tax rate. He has applied for Belgian nationality. The French government is planning a 75 per cent tax rate on those who earn over 1 million Euros per year. The new tax rate, which is a marked increase from the previous rate of 48 percent, is expected to be implemented by 2013.
Ministers have said that the tax will be temporary, and is part of a plan to balance France's books by 2017.
As many wealthy French citizens bemoan the hike, wealthy Americans are doing the same to a proposed Obama tax hike from 35 percent to 40 percent currently being deliberated in Congress.
No comments:
Post a Comment