Categorize this under: There was a reason that the East Germans built a wall…
It’s been said again and again-high taxes cause people to leave. And, no matter how many times it happens, liberals engage in the requisite outrage and condemnation for the problems that their own policies cause. For the latest example, we have to pay a visit to The Lid.
Back in September when Bernard Jean Étienne Arnault the richest man in France applied for Belgian citizenship. Left-wing French newspaper Libération ran a picture of the head of LVMH with the headline, Casse-toi riche con! which (according to Google Translate) means “F**K Off Rich Idiot!”
Today he took their advice and moved all his financial assets to Belgium for ‘family inheritance reasons.” (He has transferred his 31 per cent stake in Groupe Arnault, the family holding that controls LVMH, to Pilinvest, a Belgian firm that he specifically set up for the purpose).
The consensus opinion is he wants to avoid a 75 per cent top rate on income being introduced by President Francois Hollande so he will have something left over for his family to inherit.
..others are convinced that the 63-year-old has joined other tycoons and celebrities in wanting to avoid taxes – including a 75 per cent top rate on income – introduced by Socialist President Francois Hollande.
Mr Arnault applied for a Belgian passport soon after the Socialists won elections last year.
Mr Arnault, who owns numerous homes around the world including one in London, applied for a Belgian passport soon after Mr Hollande’s Socialists won presidential and parliamentary elections last year.
Critics immediately attacked him for leaving the country that is associated with all the brands which made his fortune – including Louis Vuitton, Christian Dior, Guerlain, Moet & Chandon champagne and Hennessy cognac.
Once again, when stupid raises it’s ugly head, the reasonable leave for greener pastures. And, rather than look at their own high tax policies, the liberals will blame the people escaping those same destructive policies. Then, in the case of high taxes, when revenues fall short of estimates (as they almost always do), there will be a scapegoat. As we all know, when liberal policies fail, it is ALWAYS someone else’s fault.
Bonus Irony Alert: The lefty newspaper, ironically named Libération (obviously, no translation needed), was very upset that Arnault liberated himself.