Bernard Arnault, France's richest man, applying for Belgian citizenship

[Petrovale]

From globalpost.com

Bernard Arnault, France's richest man, has applied for Belgian citizenship as President Francois Hollande pushes ahead with plans to impose a 75 percent wealth tax.

According to France 24, Arnault — the head of luxury goods conglomerate Louis Vuitton, Moët and Hennessy (LVMH) — lodged an application with parliament in Brussels last week.

The 63-year-old's move has focused attention on Hollande's decision to impose a 75 percent tax on marginal income over 1 million euros, which he said was aimed at pulling the country out of debt.

http://www.globalpost.com/dispatch/news/...els-wealth

[kerekesc]

What most socialists/liberals don't understand is that the wealthy can "vote with their feet."  This phrase from the Cold War has now taken on a new meaning in the 21st century  capitalist West.  A growing trend in the United States has now officially spread to Europe.

[jft310]

What most socialists/liberals don't understand is that the wealthy can "vote with their feet."  This phrase from the Cold War has now taken on a new meaning in the 21st century  capitalist West.  A growing trend in the United States has now officially spread to Europe.

Darn and I was gonna move to Nice after IOC hits. Oh well have to settle for Monte Carlo...

[Petrovale]

Same risk in Germany...

http://www.economist.com/node/21562237

[ArtM72]

Redistribution keeps the engine of economic prosperity from running out of fuel. Looking at it another way, the proper venting of steam not only drives the locomotive forward, it also keeps the locomotive from exploding.

[Petrovale]

Art, if so, let's hope that the locomotive still has one or two wheels...
That goes for Europe as well as America.

[tarulestheday]

Art, if so, let's hope that the locomotive still has one or two wheels... That goes for Europe as well as America.

The problem is that leftists always want to redistribute everyone else's money, and not their own.

[kerekesc]

"Redistribution keeps the engine of economic prosperity from running out of steam."  You have got to be kidding!  I don't even know where to start, so all I will say on this matter is that some people are incapable of learning from the mistakes of others.  History is littered with the ruins of societies which were doomed to learn from the  errors of their own misplaced judgement.  Good intentions are no excuse for the disasterous results of such naive thinking.

[kerekesc]

"Redistribution keeps the engine of economic prosperity from running out of steam."  You have got to be kidding!  I don't even know where to start, so all I will say on this matter is that some people are incapable of learning from the mistakes of others.  History is littered with the ruins of societies which were doomed to learn from the  errors of their own misplaced judgement.  Good intentions are no excuse for the disasterous results of such naive thinking.

[Petrovale]

Would be nice if IOC / PNG got off the pot, so that we can redistribute some money before European and American fiscal authorities start slapping us with monstrous wealth taxes for all the wrong redistribution purposes.