- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
cross-posted from: https://lemmy.world/post/36272492
Europe’s richest man, the luxury goods magnate Bernard Arnault, has said that a wealth tax that could cost him more than €1bn (£817m) would be deadly for France’s economy.
The French founder of LVMH Moët Hennessy Louis Vuitton said in a statement to the Sunday Times that calls for a 2% wealth tax on all assets “aims to destroy the liberal economy, the only one that works for the good of all”.
The idea of a wealth tax has steadily gained ground in France because of a political crisis, with the government trying to push through unpopular budget cuts. The idea of a 2% wealth tax on fortunes worth more than €100m has been proposed by Gabriel Zucman, an economics professor who has become a household name in France.
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and in other “news”, men who had exclusive-of-all-non-men rights, have asserted that allowing women to have civil-rights, would be bad, too…
and white-supremacists have asserted that allowing non-whites any validity would be bad, too…
Duh!
Rigged-privilege protects itself, using all ideological disinformation it can!
it always has, it always will.
But why would this be deadly for the overall, if it removes feudalism/oligarchism’s validity/economic-might/rights-are-exclusive-of-the-regular-citizenry paradigm?
Gaslighters need to be controlled/limited, not platformed/boosted/validated.
Read the important “Screwed” by Thom Hartmann, for REAL and ACTUALLY EVIDENCE-BASED economics…
Here’s a not-affiliate link to the actual book, so hopefully you can read a sample & begin understanding why I’m recommending it.
https://www.kobo.com/us/en/ebook/screwed-47
I’d tried understanding economics for decades and something was “off” about everything the textbooks were pushing, which got clarified in Hartmann’s book, right up front.
Economic-strength is citizenry based, and NOT mere-wealth/stocks based!!
Duh!, right?
But until Hartmann’s book, I’d not seen the correct framing for economic-strength, in ANY book on economics!
Sad, and true.
Get clear understanding: it de-stresses one’s view, & therefore one’s whole mode of living, to good extent!
_ /\ _
There are few different economies. The top 1% own the businesses, top 10% own shares and investments and the 90% who just work paycheck to paycheck.
This guy is not talking about the 90%.
There are (…) different economies.
Thank you, I need to remind myself that “The Economy” is just another lie, usually cited with the undertone that it’s too complex to understand for the 90%.
Try replacing “the economy” with “rich people’s yacht money”. From a tweet many years ago.
- Medicare for all would destroy rich people’s yacht money
- The Dow Jones jumped 5%, indicating a real strength in rich people’s yacht money
- etc.
That’s why you don’t ask those people about these topics.
Richest man
French economy
I feel like for balance they should also talk to Europe’s poorest man.
For financial balance, they would need to talk to Europe’s poorest 20 million men.
Every time they whinge about leaving if they get taxed and they actually do get taxed, they stay. Because it’s hard to move your fortune off of the source.
a wealth tax that could cost him more than €1bn would be deadly for France’s economy.
megalomania
And sociopathic
I’m sure he is saying that from a completely objective position and has no personal stake in it whatsoever.
“aims to destroy the liberal economy, the only one that works for the good of all”.
Lmao. Seriously dude?
Yeah. And he really means it the way every European would read it anyhow: Economic Liberalism, a.k.a. Unfettered Capitalism
Arnault’s net worth stood at $169bn (£125bn) on Friday, mainly because of his 48% stake in LVMH Moët Hennessy Louis Vuitton, according to Bloomberg. After joining his family company and turning it from construction to property, Arnault grew his fortune by buying up brands ranging from the jewellers Bulgari and Tiffany & Co, the fashion houses Christian Dior and Celine, to perfumes and whiskey brand Glenmorangie.
(…)
The wealth tax could raise as much as €20bn, according to Zucman. However, other economists have argued that it would raise only €5bn if the ultra-wealthy leave France.
The wealth tax could raise as much as €20bn
for reference: france has 70m inhabitants. if that money is distributed among the people, that’s 300€/person per year.
that doesn’t sound like a lot. that probably only covers something like 3% of people’s cost of living. but it would be a valuable small experiment that can inform us about what works and what doesn’t work, and then we can see how we go on.
edit: i did the calculation, and the same wealth tax implemented in the US would generate about $7k/person per year. Source: link and link and some spreadsheet maths.
that’s a sizeable income, and if that was distributed among the people, it would really help them.
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I have a game, where every time I hear or read “the economy” in the news, I replace it with “rich fucks’ money” in my head - works really well, and in many cases is actually closer to reality than the original news…
The Zucman tax is absolute minimum of what’s required at this point. It should be higher, it should be progressive, and it should start at lower levels of wealth. Moreover, in the future it should be applied globally and yearly.
I propose a simple, practical test: ask anyone with more than 100 million dollar or euro what their exact wealth is. The difference between what they say and what it really is, that can just be taxed away. It’s going to be more than 2%.
The French founder of LVMH Moët Hennessy Louis Vuitton said in a statement to the Sunday Times that calls for a 2% wealth tax on all assets “aims to destroy the NEOliberal economy, the only one that works for the good of all MONEY BROS".
…Good?
