The curse of the welfare state and the Laffer Curve continues to haunt French politics. Aside from the controversial self-imposed exile by French actor Gérard Depardieu, the former French President Nicolas Sarkozy has been revealed as having plans of emigrating to London to dodge French “soak the rich” policies
From the Daily Mail,
Suddenly a handshake from David Cameron probably seems an awful lot more inviting.Former president Nicolas Sarkozy could become the next wealthy Frenchman to flee to Britain over his country’s looming tax hikes on the rich.Mr Sarkozy – who famously snubbed the Prime Minister’s attempt to shake his hand after Mr Cameron vetoed changes to the EU treaty in 2011 – is reportedly planning to move to London to set up a £800million investment fund.The 57-year-old, who was ousted from office last June, has amassed a fortune from £150,000-an-hour public speaking engagements and is now said to be trying to raise capital from investors.If the move goes ahead, the controversial Frenchman will become the latest to escape a potential top tax rate of 75 per cent in his home country.He and his former supermodel third wife Carla Bruni-Sarkozy would be likely to settle in an affluent district like South Kensington – so becoming the most high profile Gallic celebrity couple in the city.But the former president is under investigation for corruption in France, and if he does cross the Channel there will be outrage.
The bizarre thing is that politicians and public officials themselves are looking to shelter their assets elsewhere. The case of the top French taxman who is under investigation for stashing money overseas is another.
If Japan has a declining population due to fertility rates, France may soon join Japan as more people move away from repressive tax policies. Otherwise, France may soon experience a tax revolt
And as pointed out events today has been validating the warnings of the great French economist Frederic Bastiat
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