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Wealth tax would be deadly for French economy, says Europe’s richest man (www.theguardian.com)
submitted 1 year ago by to c/nottheonion@lemmy.world
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cross-posted from: https://lemmy.world/post/36272492

Europe’s richest man, the luxury goods magnate Bernard Arnault, has said that a wealth tax that could cost him more than €1bn (£817m) would be deadly for France’s economy.

The French founder of LVMH Moët Hennessy Louis Vuitton said in a statement to the Sunday Times that calls for a 2% wealth tax on all assets “aims to destroy the liberal economy, the only one that works for the good of all”.

The idea of a wealth tax has steadily gained ground in France because of a political crisis, with the government trying to push through unpopular budget cuts. The idea of a 2% wealth tax on fortunes worth more than €100m has been proposed by Gabriel Zucman, an economics professor who has become a household name in France.

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[–] 25 points 1 year ago (1 child)

The Zucman tax is absolute minimum of what's required at this point. It should be higher, it should be progressive, and it should start at lower levels of wealth. Moreover, in the future it should be applied globally and yearly.

I propose a simple, practical test: ask anyone with more than 100 million dollar or euro what their exact wealth is. The difference between what they say and what it really is, that can just be taxed away. It's going to be more than 2%.

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  • [–] 1 point 1 year ago*

    and it should start at lower levels of wealth.

    no. otherwise you end up with the AfD (or Heute zeitung) who says it damages the "small man" and should therefore not be implemented.

    it's intentionally this high, so it doesn't affect 99% of the people. sothat there's a broad democratic support. that is the whole point of it.

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