FRENCH GOVERNMENTS TAX GREED IS COSTING MILLIONS OF JOBS – The old argument of taxing the rich and giving to the poor is often an ill conceived concept; let me explain…
The rich often have vast business interests, which in turn creates employment and it does this by channeling money into research and development. The ‘tax the rich’ ethic is little more than cutting the jugular that provides the life blood of the business and increased employment.
Anyone who thinks that taxing the rich, simply due to the amount of money that could be extracted is just folly.
OK, let’s take a different approach. Google is one of the richest companies on the planet. Its CEO’s, management and staff all earn extremely good salaries. Do you see, at anytime, Google announcing that it is struggling to pay its staff? Certainly not, because Google like any other success business is run by professionals who know who to control money and invest it for the greater good of the business. This is not something you can say for any Government around the globe.
Government is by its very nature run by incompetent people on overly inflated salaries, who have little or no accountability of how taxpayers money is spent and so, when faced with a crisis, it’s always so easy to tell the public that the rich have far more than they need and so they’ll tax them heavily.
The French Government, under the Presidency of Hollande, has put the country in dire straits over its repressive tax regime of taxing the rich by up to as much as 75%.
In the wake of such a move France has seen an exodus of millionaires and billionaires as they flee the country in search of a more equitable tax rate.
One of the first to jump ship was actor Gerard Depardieu who refused to be held hostage and put in the poor house all because the French Government is unable to control its spending. Gerard Depardieu is now a Russian Citizen after turning away from a country he once loved.
It is not just the incompetence of Francois Hollande that has stirred the rich in France to move. Over the last 20 years the French Government has continued to hike tax and impose almost impossible employment regulations. It is no secret that the French Government love their bureaucracy and this has resulted in over 60,000 French businessman pulling out resulting in the loss of over 1 million jobs.
The Mulliez family who own the Auchan supermarket chain, electronic music icon Jean-Michel Jarre and France’s richest man Bernard Arnault have all quit France in the past six months; and it is expected as the ‘Socialist Tax’ is about to bite.
According to the think-tank, Concorde, figures show that some 3% of the of the 2 million French now living abroad have set up businesses and are employing collectively over 1 million people. This as many point out is a direct failing of an incompetent government who are simply inept at understanding the very basics of economics.
Some quarters in the French Government are voicing their concerns that a continued ‘left-wing’ approach to the rich and business will put France in a precarious position as jobs continue to disappear with the wealth.
Of course the French Governments ‘left-wing’ stupidity is not all doom and gloom; that is for other countries such as the UK and Russia as French millionaire head out to set up life in other countries, opening businesses, employing people and benefiting their economies as a whole – something that appears completely lost on those in power in France.
Rubbing salt in the wounds is a political sport that no politician can pass up and it was David Cameron who cut the French Government deep by announcing at the B20 Business Summit that Britain would welcome French millionaires and French businessmen by rolling out the red carpet – which is an extremely smart move.
The French Government is still in denial, even thought the figures are clear, and refuse to acknowledge that an exodus is taking place.