Best of the Week
Most Popular
1.US Dollar Crashes, Gold And Bitcoin Skyrocket As Economic Recovery Lie Is Exposed - Jeff_Berwick
2.Now Obama Warns Americans to ‘Be Prepared’ for Disaster… What Does He Know? - Jeff_Berwick
3.EU Referendum - Britain's Immigration / Migrant Crisis Explained - Nadeem_Walayat
4.EU Referendum - British People vs Establishment Elite, Vote LEAVE an Act of Defiance! - Nadeem_Walayat
5.Prominent Billionaire Investors Warn of Financial Crash, Quietly Position Themselves - MoneyMetals
6.Bankers Warn of BrExit Financial Armageddon if British People Vote for Freedom - Nadeem_Walayat
7.Bad U.S. Jobs Report Prompts Stocks Bear Market Rally Towards New All Time Highs! - Nadeem_Walayat
8.Gold And Silver – Friday May Have Marked A Pivotal Turnaround - Michael_Noonan
9.EU Referendum - British People vs Establishment Elite, the Illusion of Democracy and Freedom - Nadeem_Walayat
10.Felix Zulauf: Monetary Stimulation Creates Bubbles, Not Prosperity Nor Growth - GoldandLiberty
Free Silver
Last 7 days
Gold And Silver: Security, And BREXIT - 25th June 16
Dow, Euro & Brexit Recap - 25th June 16
Resistance Holding Gold Stocks after Brexit - 25th June 16
Venezuela vs. Ecuador (Chavismo vs. Chavismo Dollarized) - 25th June 16
Gold, Silver And PM Stocks Summer Doldrums Risk - 24th June 16
Here’s Why China “Economic Hard-Landing” Worries Are Overblown - 24th June 16
Jubilee Jolt: Markets Crash, Gold Skyrockets as Britain Takes Brexit - 24th June 16
BrExit Morning - New Dawn for Britain, Independence Day! - 24th June 16
LEAVE Wins EU Referendum - Sterling and FTSE Hit Hard, Pollsters, Bookies and Markets All WRONG! - 24th June 16
Trading BrExit - British Pound Plunges, FTSE Stock Futures Slump on LEAVE Shock Referendum Win - 24th June 16
EU Referendum Shock Results Putting BrExit LEAVE in the Lead Hitting Sterling Hard - 24th June 16
Final Opinion Poll Gives REMAIN 52% Lead, Bookmakers, Markets and Pollsters ALL Back REMAIN Win - 23rd June 16
Does BREXIT Matter? Outlook for Sterling - 23rd June 16
Keep Calm and Vote BrExit - Last Chance to Break Free of EU Superstate - 23rd June 16
Here’s the Foreign Policy Trump and Clinton Really Want - 23rd June 16
Details Behind Semiconductor Stocks Leadership - 23rd June 16
Trading BrExit - Stocks, Bonds, Sterling, Opinion Polls, Bookmaker Odds and My Forecast - 23rd June 16
BrExit Looks Set to Win EU Referendum, Final Opinion Polls Give LEAVE Lead Over REMAIN - 22nd June 16
Proof that the Gold Bears are Wrong - 22nd June 16
Here’s a Trillion-Dollar Investment Opportunity for Those Few with No Debt - 22nd June 16
BrExit to Save Europe from Climate Change Refugee Migration Apocalypse - 22nd June 16
Increase In U.S. Rig Count Will Not Cap Oil Prices - 22nd June 16
Are Copper and China Stocks Set to Rally? - 22nd June 16
SPX May Break Its Trendline - 22nd June 16
Believe it or Not: More Kids Live At Home Now than Since The Great Depression - 21st June 16
EU Referendum Latest Opinion Polls Show LEAVE Halting REMAINs Surge - 21st June 16
British Pound Outlook - BREXIT, Europe and You - Does your vote matter? - 21st June 16
Fascist Victory Behind the European Union - 21st June 16
EU Referendum Opinion Polls Analysis Shows Strong Momentum in REMAINs Favour - 21st June 16
Is It Time to Dump Gold and Buy Platinum? - 21st June 16
Could Central Bankers Be Gold and Silver's BIGGEST Allies? - 20th June 16
Words Still Mean Things – Brexit With Graham Mehl - 20th June 16
Baroness Warsi the Manchurian Candidate Quits LEAVE for REMAIN, Boris Johnson Next? - 20th June 16
FTSE Soars, Stock Markets Bounce on LEAVE Polls Surge, Bookmakers Widen BrExit Odds - 20th June 16
Brexit Would Trigger Devolution of Europe - 20th June 16
Stock Market Week Of Uncertainty - 20th June 16
Will Gold’s Bullish Price Chart Outperform Gold’s 5 Bearish Indicators? - 20th June 16
Bonds And Stocks At All-Time Highs: Are Markets Confused Or Broken? - 20th June 16
Silver Sleeping On the Job - 19th June 16
BrExit Odds Sink, REMAIN Polls Boost by Jo Cox Killing by Radical Right Extremist, Conspiracy? - 19th June 16
How Elliott Waves Tell You When to "Jump In" & When to "Jump Out" of Markets - 18th June 16
Stock Market Inflection Point During Bifurcation - 18th June 16
Gold And Silver – Insanity Is World “Norm.” Keep Stacking! - 18th June 16
Gold Stocks - Bull Markets that Follow Epic Bears - 18th June 16
The Fed Giveth and the Gold Bullion Banks Taketh Away… - 17th June 16
Brexit: "The Vote Heard Around the World" - 17th June 16
Gold Stocks Summer Breakout? - 17th June 16
Stock Investors Get Higher Returns and More Dividend Income - In Less Time With Less Risk - 17th June 16
How to Use the Gold-to-Silver Ratio? - 17th June 16
Inflation, Deflation & Associated Trading Prospects - 17th June 16
Overnight Markets Struggling to Stay Flat - 17th June 16
Gold Price Surges to Highest in Nearly Two Years On Central Bank and Brexit Haven Demand - 17th June 16
Stock Market Thinking Upside Down; Dow 18k Still Key - 17th June 16
Jo Cox MP Terror Attack Killing Claimed for "Britain First" - Witness Report - 17th June 16
Stock Market, Iron Ore, Bitcoin – Is Silver Next for Chinese Momentum Investors? - 16th June 16
EU Referendum Campaigning Suspended Following Shooting of MP Jo Cox, Suspect Named as Tommy Mair - 16th June 16
Why People are Migrating to the UK, Illegal Immigration, Housing Crisis Consequences - 16th June 16
Stocks Fluctuate Following Recent Decline - Bottom Or Just Pause Before Another Leg Down? - 16th June 16
The US Consumer-Driven Economy Has Hit a Brick Wall - 16th June 16
Bitcoin Price Going Parabolic Again, Now At $730 and Up 60%+ In Last Three Weeks - 16th June 16
China's Hard Landing Has Already Begun! - 16th June 16
Crude Oil Price - Oil Bears vs. Support Zone - 16th June 16
Central Bankers Are Wrong About Inflation and Deflation - 15th June 16
Alignment Of The Dow, Interest Rates, Debt and Silver Cycles Will Deliver A Fatal Blow - 15th June 16
Stock Market Bounce May be Over - 15th June 16
EU Referendum: Have the Bookmakers Got it Wrong? LEAVE Opinion Polls Lead - 15th June 16
Gold Price Rally - 15th June 16
How to Invest for Brexit Report - 15th June 16
Stock Market Short of the Decade? - 15th June 16
Stock Market Sell Off Coming! - 14th June 16
QE - The Good, Bad & Ugly - 14th June 16
This Demographic Shift Makes Our Social Security Useless - 14th June 16
Gold Stocks Ultimate Objective in a World of Monetary Transition - 14th June 16
Philosophy of the New World Order - 14th June 16
The Brexit Game - Boris Johnson vs David Cameron EU Referendum Zombies - 14th June 16
EU Referendum: LEAVE Opinion Poll Lead of 51% to 49% Whilst Bookmaker Odds Still Strongly Favour REMAIN - 14th June 16
George Soros Making Big Bets on Gold - 14th June 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Why 95% of Traders Fail

Gerard Depardieu Escapes Envy-driven, Socialist French 75% Tax

Politics / Taxes Jan 02, 2013 - 02:41 AM GMT

By: LewRockwell

Politics

When Socialist President Francois Hollande took office, he swiftly made good on his pledge to raise the top tax rate on Frenchmen who earn a million euros a year – to 75 percent.

The regime would now confiscate three of four dollars that the most successful Frenchmen earned. Paris also imposes a wealth tax on assets worth more than $1.7 million.


This broke it for Gerard Depardieu, the famed actor and bon vivant who has performed in scores of films in such roles as Jean Valjean in Les Miserables and Cyrano de Bergerac.

Depardieu put his Paris mansion up for sale, crossed the border into the Belgian village of Nechin, gave up his French passport and is renouncing his French citizenship. A tiny community of French already reside in Nechin, a kilometer beyond the reach of Hollande's tax police.

Depardieu says that this past year 85 percent of all he earned went for taxes. Over a 45-year career, he contends, almost $200 million in income has been taxed away by the French government.

"I don't like the rich," Hollande has said.

The sentiment is reciprocated. One French radio station claims that 5,000 French citizens have fled since he took office.

Hollande's regime, writes Edward Cody of The Washington Post, has all but declared Depardieu a traitor. Labor Minister Michel Sapin calls him an example of "personal degradation." Culture Minister Aurelie Filippetti charges him with "deserting the battlefield in a war against the economic crisis."

"When someone loves France, he should serve," says Hollande, calling Depardieu "pathetic" and "unpatriotic."

Which raises a question for Americans. For our revolution was born of a tax rebellion against the Stamp Act, the Townshend duties and the tea tax that led to the Boston Tea Party.

Purpose of these taxes: Have the colonies pay a fair share of the cost of the French and Indian War, in which British soldiers had driven the enemies of the colonies out of the Ohio Valley.

But when farmers in Pennsylvania rebelled against a whiskey tax to defray the cost of our Revolutionary War, President Washington marched out with 13,000 militia to crush that tax rebellion.

While the socialist left has come down hardest on Depardieu, he is well within a tradition of the cultural left.

As The Associated Press' Thomas Addison reports, when the British top tax rate was 95 percent in the 1960s, the Beatles' George Harrison wrote "Taxman" with the lyrics, "There's one for you, 19 for me."

In 2005, Beatles' drummer Ringo Starr moved to Monaco, where the income tax rate is zero.

Sean Connery, the first "James Bond," departed Britain in the 1960s for Spain and the Bahamas, writes Addison, "another spot with zero income tax." In the 1970s, his successor as 007, Roger Moore, also chose tax exile in Monaco. In those years of confiscatory tax rates in England, the Rolling Stones relocated to Southern France.

What does this teach us?

That socialism, the forced redistribution of income and wealth from those who produce it to those who do not, eventually forces a man to choose between himself and his family – and his government.

Socialism creates and exacerbates a conflict in loyalties. A regime that takes three of every four dollars a man earns is an enemy of what that man works to accomplish for himself and his family.

Mitt Romney was castigated for keeping bank accounts in the Caymans, Bermuda and Switzerland. Yet countless U.S. companies leave profits abroad to evade U.S. taxes.

Californians flee to Nevada, Arizona, Idaho and Colorado to escape Golden State taxes. Are they disloyal to their home state, or are they doing what is right by their families, their first responsibility?

With federal income taxes on America's most successful rising today to almost 40 percent, New York City residents will also pay a top rate of 12 percent to the state and city plus a 9 percent sales tax on their purchases, plus payroll taxes for Medicare and Social Security, plus property taxes, auto taxes, gas taxes and cigarette taxes.

For many successful Americans, over half of all they earn is now taken by government. And reading The New York Times' year-end editorial, these may soon be seen as the good old days.

The Times urges Obama to consider sweeping new taxes to "reduce income inequality." Among the revenue raisers for which it urges consideration: Almost tripling the capital tax rate to 40 percent, capping deductions for high earners, restoring the estate tax to confiscatory levels, higher tax rates or surcharges on multimillion-dollar incomes and raising the corporate tax rate – already the highest in the world.

"All that would be only a start," says the Times. A carbon tax, a value-added tax, a financial transactions tax should all be looked at.

Can a man love his country and hate its government? Of course. Ask Alexander Solzhenitsyn. Ask the patriots of '76.

This un-American and egalitarian fanaticism rearing its head today may one day force just such a question upon American patriots.

Patrick J. Buchanan [send him mail] is co-founder and editor of The American Conservative. He is also the author of seven books, including Where the Right Went Wrong, and A Republic Not An Empire. His latest book is Churchill, Hitler, and the Unnecessary War. See his website.

http://www.lewrockwell.com

© 2013 Copyright Patrick J. Buchanan / LewRockwell.com - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife