The idea that anyone, as a free decision, should decide to take Belgian nationality, is an extraordinary one, but that is what Bernard Arnault, Europe's richest man, has decided to do. He is worth around €40bn, and France, the country of his nationality, where he was born and bred, has just imposed a 75% tax on incomes over €1 million. To put this into perspective, if he expects a modest return of 2% p.a. on his fortune, a tax increase from 50% to 75% would involve paying an extra €200 million in tax.
Will all this now go to the happy Belgian tax collector? My guess is Arnault will relocate to Monaco, where there is no tax but French citizens are not allowed to take advantage of it.
It is a lesson for M. Hollande. The rich are flexible and do not like to be seen as something to be milked at will. It is a lesson other countries should learn as well.
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VERY INSIGHTFUL, TIM - thank you for this one, a LESSON MOST COLLEGES &UNIVERSITIES SHOULD BE TEACHING IN aMERICA'S CLASSROOMS TODAY!
** However, I shall not hold my own breathe, since 'political correctness' in AMerican higher education has 'run amok' -- as any pre-conditions of (a) faculty tenure or even (b) acceptance on a trial basis / so called faculty audition / 'probationary' status: Viz. "Free labor" contrary to US wage & hour laws, on the books!
** IF a COLLEGE or UNIVERSITY Dean or Department Chair, assigned to 'hire new faculty', wants FREE LABOR - Run, do not walk, away from that circumstance!
** That means: That four- year college or university will try other means -- absent a teachers' union for protection -- to further contrive 'mean things' behind other college teachers' backs.
** ON THAT = I write from personal experience both here in Northern Nevada & in mid- Utah too. -30-
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