Categories

Economy & Politics

Tools

  • Economy & Politics
  • Investing
  • Personal Finance
  • Related Posts


    Russia And Germany Alledgedly Working On Secret “Gas For Land” Deal
    On Gold, Inflation, And The Global Monetary Delusion
    Ebola Comes To America
    “Scorched Earth”: How Israel Converted 40% Of Gaza Into A Wasteland Of Rubble
    The West’s Reckless Rush Towards War With Russia
    Portugal Should Let Espirito Santo Fail
    The Communist Roots Of China’s Capitalist Corruption
    Modi Starts A New History War In India
    Banks Aren’t Too Big To Fail Unless They Fail
    The Republican Immigration Crisis
    Jobs Numbers Mean Nothing In A Part-Time Age
    Boehner Has Time To Salvage A Ridiculous Farce Descended To Stupidity
    John McCain On The Decline & Fall Of The United States Senate
    House GOP Pull Their Immigration Bill
    Incompetent ATF Accepts Incompetence As The Norm


    When It’s Time To Give Up On Your Country

    France’s leaders are calling actor Gérard Depardieu “unpatriotic” and “pathetic.” You see, Depardieu is leaving France. He’s leaving because of the new French tax laws.

    French President François Hollande is trying to push through a 75 percent income tax, plus a higher “wealth” tax, higher capital gains taxes, higher inheritance taxes and a tax on selling your business, among other taxes.

    Depardieu has had enough.

    He said he paid 85 percent of his income in taxes last year. He says he’s paid 145 million euros in taxes to France over his career (roughly $190 million).

    So he’s moving to Belgium to avoid taxes.

    France’s Prime Minister called this move “pathetic, really.” Jean-Mark Ayrault continued: “Paying taxes is an act of patriotism and we’re asking the rich to make a special effort here for the country.”

    At what level is paying tax no longer an “act of patriotism”? This question doesn’t apply just to France. European countries are just a few years ahead of the United States in terms of becoming more socialist, with an insatiable demand for more of your income to pay for ever-growing government programs.

    Depardieu took offense at being called “pathetic.” Based on that, he offered to surrender his French passport. Belgium’s finance minister said he welcomes Depardieu and “any other French citizens.” And Russian President Vladimir Putin offered Depardieu citizenship.

    Other successful French citizens are leaving, too. For example, the founder of Moët Hennessy Louis Vuitton is also applying for citizenship in Belgium.

    Even worse, not only are talented people leaving France, but you can’t get talented people into France to work.

    “We can’t bring high-level managers to France,” Eric Chaney, an economist at French insurer AXA, told Bloomberg News. “They work in an international market and the market price for those salaries is well above 1 million euros.”

    So major French companies are looking to hire senior managers in London or Amsterdam instead of Paris, Chaney explained. France will miss out on all their taxes. By raising tax rates so high, instead of getting more in taxes, France will get no taxes from these guys.

    Again, at what level is paying tax no longer an “act of patriotism”? At what level does levying tax become an “act of confiscation” by the government? And when that point is reached, when is it time to give up on your country?

    I don’t know what the right level is. It appears that Depardieu has found the level for himself, and that’s 85 percent of his income.

    What do you think is the right level? How much of your income should the government be allowed to take? Is Depardieu a traitor? Or is he courageous?

    With ever-increasing budget deficits in the United States and no real political will (on either side of the aisle) to dramatically cut entitlements, it’s a safe bet that higher and higher tax rates are coming in the United States.

    It’s time to start thinking about how “patriotic” you want to be.

    Good investing,

    —Steve Sjuggerud

    This article was originally published at DailyWealth.com on Jan. 3 2013.

    Dr. Steve Sjuggerud is the founder and editor of one of the largest financial newsletters in the world, True Wealth. Since inception in 2001, True Wealth readers have made money every year with safe, contrarian investment ideas. Steve did his Ph.D. dissertation on international currencies, he's traveled to dozens of countries looking at investment ideas, and he's run mutual funds, hedge funds, and investment research departments. Steve's investment philosophy is simple: "You buy something of extraordinary value at a time when nobody else wants it. And you sell it at a time when people are willing to pay any price to get it." It's harder than it sounds, but Steve continues to be able to do just that for his readers. Click here to learn more.

    | All posts from Dr. Steve Sjuggerud

    Discuss this Story:

    Comment Policy: We encourage open discussion. Comments including racist statements, profanity, name calling or spam will be removed at our discretion. We use filters for spam protection. If your comment does not appear it is likely because it violates the policy.

    Americans No Longer Believe We’re Winning The War On Terror
    Lobbyists Bidding To Block Government Regs Set Sights On Secretive White House Office
    Crimea Just Switched Over To The Russian Internet
    The Most Important Details From Yet Another Solid US Jobs Report
    U.S. Auto Sales Party Seen Increasingly Dependent On Easy Money
    Rand Paul Offers Legislation To Keep Government From Stealing Innocent Citizens’ Property
    White House Threatens To Veto House Border Bill
    This Immigration Deal Is Inexcusable
    Your Periodic Reminder That The FCC Is Out Of Control
    Venezuela Demonstrates The Nadir Of American Power
    End DACA Or Go Home
    Risk Off As Employment Costs Surge: This Is Where Wages Supposedly Rose The Most
    Our Totalitarian Future – Part 2
    Profile Of A Sanctioned Russian Billionaire: Putin’s Judo Coach
    Thank You Obamacare – California Health Insurance Costs Spike Up To 88% In 2014
    Lois Lerner Dislikes Conservative ‘A**holes’ More Than Foreign Terrorists
    Ted Cruz Rallies House Conservatives To End ‘Obama’s Amnesty’
    Facing Immigration Revolt, Republicans Plan Vote To Ban ‘Administrative Amnesty’ (Updated)
    VA Health Care Overhaul Passes House
    Wireless Cramming: Consumers Took Big Hits, Report Says
    Report Criticizes EPA Oversight Of Injection Wells
    The End Of China’s Hated Hukou System Is Less Ground-breaking Than It Seems
    The Most Important Charts To See Before The Huge July Jobs Report
    India’s Parliament Is Hiring Men In Costumes To Scare Away Monkeys
    Polish People Are Using Apple-eating Selfies To Give Putin The Finger
    European Court Rules Russia Must Pay Yukos Shareholders 1.9 Billion Euros
    Falling Prices On Radar As Euro Inflation Drops Again
    BOJ’s Kiuchi Warns GDP Rebound May Be Weaker Than Expected
    Obama Sued: House Authorizes Lawsuit Against President
    Kerry Presses India On WTO Deal Ahead Of Arrival
    Read more from Economy & Politics...

    Liberty Investor Digest

    Get today's most important
    financial headlines all in
    one place by email!



    Sources


    close[X]

    Sign Up For Liberty Investor Digest™!

    Get Liberty Investor Digest FREE By Email!

    Input your name and email address in the fields below and get today's most important financial headlines sent straight to you inbox!

    Privacy PolicyYou can opt-out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.