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French President Francois Hollande proposed a ludicrous 75 percent tax on those who are earning more the 1 million euros a year. In response Europe's wealthiest man, Bernard Arnault, is threatening to leave the country.
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Bernard Arnault, the CEO of fashion giant LVMH, is worth an estimated US$41 billion and he does not want to let this money go. France's most powerful businessman is threatening to move to Belgium, although he claims the move is not for tax purposes. Yeah right, Arnault.
To make matters worse for Arnault, Liberation, a french newspaper, published a front-page photo of him holding a suitcase with the headline, "Get Lost, Rich Bastard!" ("Casse-toi, riche con!") He plans to sue the Liberation for 'public injury,' maintaining his claim that the move to Belgium has nothing to do with the potential tax increase.
Although the billionaire is making himself look bad by leaving the country, the truth of the matter is 75 percent is a lot of a money. If France's most affluent people are driven out by these astronomical tax rates, the people of France will definitely take an economic hit.