French Flee Wealth Tax

Sep 29, 2017

Bernie Sanders has long expressed his desire to see a wealth tax imposed on rich Americans. He recently proposed a wealth tax to fund his single-payer healthcare scam. Senator Sanders might want to look at how the wealth tax hurt France and its economy. Over the last 15 years, 10,000 people with about 35 billion euros in capital have left France to go live abroad. Businesses are not created. People are not hired. In France, the wealth tax “applies to personal assets of more than 1.3 million euros. France is working to change the tax so that it will “only apply to real estate.” Other forms of wealth would be exempted beginning in 2018. Prime Minister Edward Philippe said, “When someone leaves the country because of the wealth tax. . . collectively all French lose.” ‘And changing that’ “is something I’ll defend.”