France’s Richest People Are Begging For More Taxes

In a petition published on the website of weekly magazine Le Nouvel Observateur 16 of France’s richest people have called for a new “special contribution” tax, reports The Globe and Mail. The petition, which includes L’Oreal heiress Liliane Bettencourt and oil company Total’s CEOParis Christophe de Margerie, seems to be a response to Warren Buffet’s call for a similar tax in the US. Currently France has a top rate of 40%. In addition there is an annual wealth tax on their total assets, between 0.5% and 1.8% on assets above $1.1 million, notes Robert Frank at the WSJ. Unlike in the US, the country generally seems to be leaning towards higher taxes. The France’s budget chief had already been planning on some kind of high end tax, and the French Socialist Party is calling for an end to tax breaks for the wealthy. article source