It’s what the tax and spend liberals can’t get through their thick skulls. Some people vote at the ballot box, others vote with their feet. Some people (who can afford it) will stop working others may leave even leave the country. In the end what usually happens is higher tax rates lead to lower tax revenue. As for France the proposed 75% tax on the wealthy may cause another Frenchman to leave the country. This time the individual planning to leave is most surprising, former President Nicolas Sarkozy.
According to the UK Daily Mail Sarkozy’s exit plan was accidentally discovered by a raid on his house by French Policy.
Nicolas Sarkozy is preparing to move to London to set up a billion pounds plus investment fund, it was claimed today.
If the move goes ahead, the controversial Frenchman will become the latest to escape a potential top tax rate of 75 per cent in his home country.
He and his former supermodel third wife Carla Bruni-Sarkozy would be likely to settle in an affluent district like South Kensington – so becoming the most high profile Gallic celebrity couple in the city.
The former president is under investigation for corruption in France (part of the French tradition for its ousted leaders which goes all the way back to the guillotine days).
Now the hugely respected investigative news site Mediapart reports that the ‘first draft’ of Mr Sarkozy’s London project was found by detectives examining his computer files.
A judge has since made Sarkozy an assisted witness in the so-called Bettencourt Affair, in which he is accused of using illegal cash from France’s richest woman to fund his 2007 election campaign.
Mr Sarkozy is said to have taken the money from Liliane Bettencourt, the I’ Oreal heiress – a claim the politician denies, but for which he could still receive a prison sentence.
He is also being investigated over numerous other funding scandals, including one linked to arms sales to Pakistan, and another in which he is said to have used millions in taxpayers’ money to pay friends to produce opinion polls while he was in office.
Mediapart suggests that the planned London move would create a ‘conflict of interest’ – not only because Sarkozy is being investigated, but because a former French president should not choose the UK as a base to make his fortune.
If the move goes ahead, Sarkozy and his wife Carla Bruni-Sarkozy will become the latest to flee France in an attempt to escape a potential top tax rate of 75 per cent in their home country.
Bernard Arnault, the luxury goods magnate and France’s richest man who owns property in London, and Hollywood star Gerard Depardieu are among Frenchmen who have come under intense criticism for trying to escape Mr Hollande’s new tax regime.
Perhaps the French Government should post a sign on all its borders and international transit locations. Will the last person with taxable income leaving the country PLEASE Turn Out The Lights! On second thought with the taxes planned by the Obama administration, perhaps the United States should do the same.