Market Overview

France's Rich Looking To Buffett

Just a few days after Warren Buffett implored the US government to tax the super-rich more, France's wealthiest people have followed his lead by calling on their own government to tackle the deficit by raising taxes on the rich.

Sixteen executives, including L'Oreal heiress Liliane Bettencourt (Europe's richest woman) offered to pay a special contribution to the government to offer solidarity. The letter comes just before the government if expected to announce tighter fiscal measures, including a special tax on the wealthiest citizens.

The letter, which appeared on the website of French magazine Le Nouvel Observateur, read, “We, the presidents and leaders of industry, businessmen and women, bankers and wealthy citizens would like the richest people to have to pay a 'special contribution'. When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute.”

How refreshing is that? No arguments about the amount of people on welfare who do not pay taxes, not nonsensical diatribe about how the wealthy do enough already, and certainly no insane cries of “NO – THAT IS SOCIALISM”. Just a desire by those that have money to step forward for the country and help those that do not.

The French government's proposed special tax will affect those who earn more than 1 million euros ($1,444,297), and will form part of planned cuts of up to 14 billion euros for the budget deficit.

Posted-In: Politics General Best of Benzinga

 

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