Prime Minister Ayrault himself presided over Monday’s meeting of the National Anti-Fraud Committee. “A first for a head of government,” he said at the press conference, to hammer home just how important this was. But he wasn’t worried about run-of-the-mill fraud that might fleece an old lady of her life savings. He was worried about people not paying their taxes. And he had a remedy.
Taxation
“Trench Warfare” Or “Civil War” Over Confiscatory Taxes In France
by Wolf Richter • • Comments Off on “Trench Warfare” Or “Civil War” Over Confiscatory Taxes In France
“We’re engaging in trench warfare,” proclaimed Alain Afflelou, head honcho and founder of an eyewear company with 1,200 stores in France and other countries. He was talking about the tax fiasco that split France in two. He was done with his country. He’s moving to London. One of France’s so-called fiscal exiles. And now there are “unprecedented waves” of them.
A Revolt Against Corporate Welfare Programs For Multinationals In France
by Wolf Richter • • Comments Off on A Revolt Against Corporate Welfare Programs For Multinationals In France
“Paradox” is what the New York Times called France’s ability to attract more foreign investment than any country other than China and the US. A paradox because it shouldn’t. Investors should be scared off by labor laws, tax rates, the cost of labor, and mud-wrestling bouts over nationalizing some industrial plants. But turns out, multinational corporations pay practically no income taxes in France. And it has reached the boiling point.
A Capitalist Revolt in Socialist France
by Wolf Richter • • Comments Off on A Capitalist Revolt in Socialist France
The French government is trying to reign in its deficit by jacking up taxes, including the capital gains tax—an old philosophical pillar of the French left. But an explosive essay published last Friday hit a nerve with entrepreneurs, venture capital investors, artisans, and mom-and-pop business owners. And their anger, which spread across the social media, the papers, and finally TV news, turned into an open revolt.
US National Debt: In A Year, I’ll Add Another Ugly Data Point
by Wolf Richter • • Comments Off on US National Debt: In A Year, I’ll Add Another Ugly Data Point
The final amount that the US government owes at the end of fiscal 2012 (September 30) is, drumroll, $16,159,487,013,300. It owes it, in no particular order, to the Saudis, US citizens, the Social Security Trust Fund, the Chinese, the Japanese, the Russians…. It amounts to about 103% of GDP. An earsplitting hangover from a debt binge that robbed the future. But there are winners.
The French Government Gets Whacked, Even The Left Is Angry, And Hollande Gets Slapped In The Face
by Wolf Richter • • Comments Off on The French Government Gets Whacked, Even The Left Is Angry, And Hollande Gets Slapped In The Face
France is mired in a stagnating economy. The private sector is under pressure, auto manufacturing in a depression. Unemployment hit a 13-year high. Over 3 million people are out of work. Youth unemployment of 22.7% belies the catastrophic jobs situation in ghetto-like enclaves. Gasoline and diesel prices are near record highs. So there are a lot of very unhappy campers. And it could turn ugly.
Tax Evasion In Switzerland By The Swiss Is “Officially Silenced To Death”
by Wolf Richter • • Comments Off on Tax Evasion In Switzerland By The Swiss Is “Officially Silenced To Death”
The arm-wrestling between the US and Switzerland over funds that US citizens have stashed away in Swiss bank accounts has been going on for years. In Germany, a similar fight has broken out, albeit with more consideration for the rich. Other governments, desperate for moolah, are also going after their own with funds in Switzerland. Now it turns out the Swiss themselves, long praised for their tax compliance, also evade taxes. But it’s “officially silenced to death.”
Euro Optimism Surges, A Greek Tax Revolt Flares Up: It’s Decision Time, Again
by Wolf Richter • • 7 Comments
Euro optimism is once again gushing through the system on the hope that the debt crisis could be wished away with a nod by German Chancellor Angela Merkel or with a wink by the Bundesbank at the European Central Bank, which is dying to print unlimited amounts of moolah to buy sovereign bonds—and old bicycles, if it has to—in order to force yields down for debt-sinner countries like the US Spain and Italy. But in Greece there has been an incident.
Wielding The Corporate Tax Dodge Code Like A Cudgel
by Wolf Richter • • 4 Comments
I was making coffee this morning when President Obama’s voice ruined it. His words didn’t even sound unreasonable, as I was still half asleep. He advocated giving tax breaks to companies that create jobs in the US, rather than those that create jobs overseas. Mitt Romney also wants to hand out tax breaks and tax cuts, just different ones.
The Confiscation Conundrum in Europe
by Wolf Richter • • Comments Off on The Confiscation Conundrum in Europe
No one likes paying taxes. You’d think. And it’s not just income taxes but a slew of other taxes. In San Francisco, we already have an 8.5% sales tax—but propositions to increase the state portion are worming their way onto the November ballot. And if it passes, it’s our own @#%& fault. In Japan, efforts to raise the national consumption tax have led to a groundswell of opposition and a nasty political fight. But what the heck happened in Europe?