Statistics on the "Wealth Tax" in France have revealed disturbing consequences on some of the "wealthy" ! The basic idea is to provide revenue for the exchequer.
However, it appears that some 6 000 wealthy citizens are now paying more tax than their taxable income. This is really entirely due to the fact that they earn their income in France, but then are also taxed on their wealth !
The "Wealth Tax" takes into consideration the market value of propery acquired and owned. It includes the family residence for example.
In fact, what is considered as "wealth" is the "unrealized value of potential "capital gains" ! Obviously when such gains are realized they are again taxed !
Some of the wealthy 6 000 citizens have discreetly indicated that they will emigrate fiscally. They include not only Actors and Company Directors, but also well known Sportsmen who have a short "high income" working life !
What can policians expect when they chase the wealthy into "Foreign Tax Havens" ? When politicians become "Rich", will they not also protect their Riches ?
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