Tag Archives: Taxed to the Point of No Recovery; France Plans Tougher “Exit Tax”

Mish/Mike Shedlock – Taxed to the Point of No Recovery; France Plans Tougher “Exit Tax” – 5 December 2013

MishMikeShedlockIn a feudal as well as futile attempt to keep wealthy French citizens from leaving the country, France hikes the “Exit Tax” on transfers of wealth to outside of France. They also lower the base and increase the number of things on which the tax applies.

According to a “pay-walled” article on Le Monde of which I can only read a part … “The exit tax was established in 1999, repealed in 2005, then reintroduced in the first Amended Finance Act for 2011. The law was intended to limit the temporary exile of entrepreneurs wanting to sell their stakes in more favorable tax conditions than under domestic law.” Continue reading