I honestly didn't know about the "wealth tax" angle. I assume this will be applied to France's possessions, as well, so there goes my consideration of retiring in French Polynesia! (An impractical dream, I guess, in any case, but this would wreck it for sure.) For as a retiree, I wouldn't have much income to tax, but I would have "wealth" savings that I had hoped to live on.
'RSVP January 16, 2013 at 7:34 AM
I believe Dr. Dalrymple is a British "subject" (citizen), but that he actually resides in France. Or at least, he owns property (real estate) in France. It would have been interesting to hear from him how he has been or will be affected personally by all these "changes".'
Theodore's job here is to make Americans feel better about themselves. Kind of pitiful that they would need him really but needs must when the devil drives. I hope he's being well rewarded for it.
Colin, what are you on about? Maybe YOU should stop reading The Guardian.
RSVP - Yours is typically snide and childish comment one comes across all the time in The Guardian. I'm guessing you're a reader?
Hollande’s confiscatory proposals:
An individual or group that often denies that socialism is the intermediate step to communism. They go to great lengths to paint their Marxist agenda in terms on humanitarianism. By proposing "free" health-care for all, they deliberately deny the fact that one must pay a provider of medical services (usually through confiscatory taxes) or by conscripting doctors into being servants of the state. Further they deny that social monetary redistribution programs are take from the rich and give to the "needy" are programs based on Marxist dogma. In practice they rely on "progressive" tax structures to take larger and larger percentages from harder working and more motivated earners.
This "wealth tax" will soon be on the agenda here in the USA.
There is simply no level of income taxes imposed that will make a dent in our massive debt.
And with Obama doing his best to bankrupt the USA (an intentional and purposeful policy to destroy the military and economic might of our imperialistic, homophobic, racist, root-of-all-evil nation), well, a "temporary" VAT tax PLUS the aforementioned "wealth tax" will be necessary to prevent a default on US debt.
You know, simply a temporary, emergency measure to avoid default.
Obama is a socialist if not a communist. Ever since the days of Marx, the left has striven to destroy capitalism. And Obama is well on his way to accomplish this.
Get ready folks to seek Russian citizenship a la Depardieu.
So the French have always embraced the social-ist economic model-more or less. Their pro-family demonstrtions & anti-jihad military
support in Mali are more interesting.
C'est la vie!
Export the rich to Russia.
Import the poor from the Third World.
Sounds like a winning strategy...
"... the Very Rich who simply pay no income taxes at all since they live off of their assets."
And we can't have that. How dare someone live off of the money they've saved!
More realistically, in the USA those who save and invest get a raw deal (even as debtors are subsidized). Let's just consider a few of these:
1. Capital gains tax. Yes, for most it's still "only" 15 percent. But it's not adjusted for inflation, either. If I own an asset (financial or otherwise) and sell it for no more than the inflation-adjusted price I paid for it, I still owe tax (often a huge tax, if I've held the asset for some time) on the "gain." Indeed, I'll probably owe tax on the "gain" even if it's actually lost value.
2. As a shareholder, I am part-owner of a corporation. The corporation's profits may be distributed to me as dividends, and for most the tax on these is still "only" 15 percent. BUT the corporation has already paid taxes on those profits- so why should those profits be taxed again when I receive them?
3. An owner of a equity mutual fund often owes taxes (per form 1099) on these even if the fund's net asset value has declined, even if any dividends distributed by the fund have been re-invested in the fund. That is, the investor has received no cash and the value of the investment has declined- yet there's a tax to be paid.
When those who save are punished even while debtor are rewarded by having their loans "adjusted," is it any surprise that America is full of debtors and not savers?
And finally, as 'southern woman' and others declare that those who have saved must be forced to share their savings with those who have not, it is the savers who are called "greedy"?
Bon temps jolie, I often wonder whether your posts mean what they say or whether, instead, they're made tongue-in-cheek. If they're serious, you've got to be the darling of every left-wing, confiscatory socialist politician on this planet. Be this as it may, France has always been Hell-bent on destroying herself. Even a cursory review of French history allows one to conclude that her leaders will not be happy until they have brought complete ruin down upon the heads of French citizens. But, then, just as in the U.S., the citizens get the government they deserve--or, rather, they get the government they vote for. France will be a third-world country if Hollande has his way. And Hollande will have his way so long as he continues to patronize the French masses. It will be a great thing for this planet when France, with all of her self-destructive impulses, disappears from the world's stage. Bon voyage, France. Your history provides valuable lessons for every other country--lessons as to what not to do and how not to act, that is.
I believe Dr. Dalrymple is a British "subject" (citizen), but that he actually resides in France. Or at least, he owns property (real estate) in France. It would have been interesting to hear from him how he has been or will be affected personally by all these "changes".
With work moving more and more to robots, not even requiring machine operators, how is a society to support itself ??? Taxing assets must become necessary as otherwise concentrations of wealth and power would proceed with no real limit.
Mr. Buffet's success as an investor is lovely, of course. He believes that he is playing a variable sum game. Or is he ? How often does he make new wealth rather than catching good rides based on unique evaluation tools?
And if the French system goes over to taxing assets, what exactly is wrong with that? family asset pools amassed 100 years ago continue to distort social investment. For what purpose? And still growing, always growing with sensible investment strategy. Isn't structural reduction of wealth pools a useful end?
hollande and royal had substantial assets but did not pay wealth tax--so i am told
Move over France.
The U.S. is about to over take you in this crazy race which will leave everyone broke.
Except the Very Rich who simply pay no income taxes at all since they live off of their assets.
It looks like Buffett actually does pay a lower tax rate than his poor, dear secretary.
Ah! The rank hypocrisy of it all.
Liberté is out; redistribution is in. It fits better with egalité and fraternité, anyhow.