French president cuts supertax as rich revolt.

PRESIDENT François Hollande has backtracked on a controversial campaign promise to impose a 75% supertax on millionaires after coming under pressure from some of its wealthiest potential victims.

After a summer of rumours that numerous executives from leading companies were preparing to flee the new tax and settle abroad, the government has reportedly opted for a softer version in its 2013 budget.

Many executives already appear to be fleeing the supertax. La Lettre de L’Expansion, a business magazine, reported that LVMH had been preparing since the spring to exile 200 managers to New York, following senior executives who refused to have earnings taxed at the new level. LVMH has denied the report.

Its luxury rival the PPR group, which owns the fashion labels Gucci and Yves Saint Laurent, has reportedly been planning to move its executive board to London. The group has declined to comment.

http://www.thesundaytimes.co.uk/sto/...cle1121684.ece

ha ha

 

Excellent. I thought it was bit of a ploy anyway, but glad he thought it through.

 

What was the plan for after they spent all the proceeds of the "supertax"?

 

Typical french- hence the old joke, whats the smallest book in the world ? " the french war dead"

 

From my era; Classifed Ad: French war rifle, never fired, dropped once.

Oh well.

 

They tax the rich even more! Duh.

 

Interestingly enough, this is the response in one of the French newspapers (Libération) to the whole Arnault story.



Loosely translates as "Fuck off, you rich bastard"

 

Liberation?

don't even have to google to know what kind of a paper that is....