France, the country where it is good to be rich?

 

The European country where billionaires are the richest is France

ISF (Tax on Fortune) and IFI (Tax on Real Estate Fortune)

"What is the country where billionaires accumulate the most billions?" This is the question asked by Lucas Chancel, economist, co-director of the Laboratory on Global Inequalities and Affiliate Professor at Sciences-Po. At the beginning of April, he posted this graph online, taken up by the media Alternatives économique. The European country where billionaires are the richest is France. ” Lucas Chancel: “When there was an ISF, people subject to ISF were obliged to fill in a box in their tax return which indicated the value of their total assets. This box has disappeared for all people who do not have to pay tax on movable property, on financial assets. So, we continue to pay on real estate wealth, this is the famous IFI, but they no longer pay anything on financial wealth which, by the way, represents 95% of the fortune of the very, very, very rich. "

This wealth of billionaires, over the past 20 years, has largely come from a lower taxation of these billionaires

“By replacing the wealth tax by the real estate wealth tax, Emmanuel Macron has completely abolished, almost completely abolished the tax on the very, very, very rich. Is it to the detriment of each other? Yes, in part. Partly because this wealth of billionaires, over the past 20 years, has largely come from less taxation of these billionaires. And it was also largely based on a deregulation of the labor market, a deregulation of many sectors of the economy that disadvantaged workers. And so workers are going to be more competitive with each other in different countries, so the wages are not going to go up sharply. On the other hand, the share of the proceeds of companies, which will remunerate those who own these companies and therefore these billionaires, it will increase. ”

The injustice of the French tax system

"And so yes, the gain of some also the loss of others. We lower taxes on the one hand for those who are doing very well, for those who have really prospered for the past 40 years. Then we increase them on the other on those we could ultimately call captive taxpayers or immobile taxpayers, those who cannot go and file their taxes in Bermuda or Luxembourg. And so those, we will increase their taxes and in the end, we will arrive at the injustice of the French tax system today which is that if you are in the middle class, you will pay more taxes than if you are Bernard Arnault. These billionaires, these multimillionaires will buy airtime, will buy the media, will invest to lobby in this or that sector of the economy and therefore in the end, it turns into democratic inequality, that is to say -to say that the ideas, the voice of those who have more financial means will carry more in the public debate, will be more represented in the speeches of the parties. It will be put more into practice in laws that are passed by Parliament. ”

Saisi