BBC.CO.UK Some of France's wealthiest people have called on the government to tackle its deficit by raising taxes - on the rich.

Sixteen executives, including Europe's richest woman, the L'Oreal heiress Liliane Bettencourt, offered in an open letter to pay a "special contribution" in a spirit of "solidarity".

Later the government is due to announce tighter fiscal measures as it seeks to reassure markets and curb the deficit.

They are expected to include a special tax on the super-rich.

Before the announcement, expected on Wednesday evening, a letter appeared on the website of the French magazine Le Nouvel Observateur.

It was signed by some of France's most high-profile chief executives, including Christophe de Margerie of oil firm Total, Frederic Oudea of bank Societe Generale, and Air France's Jean-Cyril Spinetta.

They said: "We, the presidents and leaders of industry, businessmen and women, bankers and wealthy citizens would like the richest people to have to pay a 'special contribution'."

They said they had benefited from the French system and that: "When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute."

They warned, however, that the contribution should not be so severe that it would provoke an exodus of the rich or increased tax avoidance.

The move follows a call by US billionaire investor Warren Buffett for higher taxes on the American ultra-rich.

Rating fears

The French government has already said it is working on a special tax on those earning more than 1m euros (£900,000) a year.

The measures are expected to be part of a new package aimed at cutting up to 14bn euros from the budget deficit over the next two years.

It is not clear exactly what form they will take, but they are expected to include a reduction in tax breaks and increased taxes on big companies.

The government has been forced to act after recent fears that France's AAA credit rating could be downgraded.

France plans to trim its public deficit to 5.7 % this year, 4.6 % next year and 3% in 2013.

(08-24-2011 07:34 AM)beck Wrote:  BBC.CO.UK Some of France's wealthiest people have called on the government to tackle its deficit by raising taxes - on the rich.

Sixteen executives, including Europe's richest woman, the L'Oreal heiress Liliane Bettencourt, offered in an open letter to pay a "special contribution" in a spirit of "solidarity".

Later the government is due to announce tighter fiscal measures as it seeks to reassure markets and curb the deficit.

They are expected to include a special tax on the super-rich.

Before the announcement, expected on Wednesday evening, a letter appeared on the website of the French magazine Le Nouvel Observateur.

It was signed by some of France's most high-profile chief executives, including Christophe de Margerie of oil firm Total, Frederic Oudea of bank Societe Generale, and Air France's Jean-Cyril Spinetta.

They said: "We, the presidents and leaders of industry, businessmen and women, bankers and wealthy citizens would like the richest people to have to pay a 'special contribution'."

They said they had benefited from the French system and that: "When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute."

They warned, however, that the contribution should not be so severe that it would provoke an exodus of the rich or increased tax avoidance.

The move follows a call by US billionaire investor Warren Buffett for higher taxes on the American ultra-rich.

Rating fears

The French government has already said it is working on a special tax on those earning more than 1m euros (£900,000) a year.

The measures are expected to be part of a new package aimed at cutting up to 14bn euros from the budget deficit over the next two years.

It is not clear exactly what form they will take, but they are expected to include a reduction in tax breaks and increased taxes on big companies.

The government has been forced to act after recent fears that France's AAA credit rating could be downgraded.

France plans to trim its public deficit to 5.7 % this year, 4.6 % next year and 3% in 2013.

I love it. Get a few octagenerian and nonagenarian mega billionaires (how old is Bettancourt 90? 91?) who have obviously made their fortune, have little lifespan left and have almost unlimited control over how, how much and when their income is exposed to taxation to come out in favor of higher taxes on the wealthy.

And the left goes bananas over it in hope that it sways Joe Public to believe that people who make more than they do are super OK with having it taken away.

Lilliane Bettancourt and Warren Buffett who have about 5 years left between them are cool with it, so lets jack up tax rates on everyone who makes 250K plus.

Great logic.

If the super rich turn magnanimous that is fantastic. But they certainly don't need any taxation changes to show their patriotic spirit. We should tell them to simply stop gaming the international banking rules, tax shelters and deferments that allow them to avoid and delay exposing wealth to taxation.

My guess is it would be A LOT cheaper to agree to pay a slightly higher percentage than to forego the very rules they have helped create to shelter their blurry, corporate yielded, personal income.

Eastside, the other thing they could do is simply write a check out to the government. They don't have to be taxed in order to give $$$ to the guvment.

(08-24-2011 09:26 AM)QSECOFR Wrote:  Eastside, the other thing they could do is simply write a check out to the government. They don't have to be taxed in order to give $$$ to the guvment.

That's my problem with school levies, when they fail, how many people that campaign for them are willing to write a check for the same amount they would have given had they passed. If you believe everyone should be taxed, you should already be paying the difference

You don't see the French teabaggers lining up to write those checks though, do ya? moooooooooooooooooooo baaaaaaaaaaaaaaaaaaaa

I did not know that the left was going bananas over it, good thing you pointed it out.

(08-24-2011 03:31 PM)beck Wrote:  You don't see the French teabaggers lining up to write those checks though, do ya? moooooooooooooooooooo baaaaaaaaaaaaaaaaaaaa

I did not know that the left was going bananas over it, good thing you pointed it out.

Beck is it you who wants to part with more of your money or do you only want others to part with their money? Would you agree with a flat tax that incorporates all income, no loopholes. Everybody pays the same tax rate period? What Tea Party position do you disagree with?

I guess back in the day you would have sided with King George?

(08-24-2011 03:31 PM)beck Wrote:  You don't see the French teabaggers lining up to write those checks though, do ya? moooooooooooooooooooo baaaaaaaaaaaaaaaaaaaa

I did not know that the left was going bananas over it, good thing you pointed it out.

beck, you have sunk to previously uncharted depths (and your opinions generally remain lower than whale sh!t, and that sits at the bottom of the ocean) when you feel compelled to cite the french. they aren't lining up for anything unless their unions say "GO." you wanna go hunting for baaaaaaaaaabaaaaaaaasheep? pick a US union and see how their members are compelled to support this total P.O.S sometimes occupying the White House but more likely found playing golf, taking a vacation, or having medical attention provided for injuries to his knees caused by kneeling to other P.O.S world leaders. and then there's that whole existing frenchie "Value Added Tax." no doubt you're all in favor of supporting one of the largest entitlement state tax programs across the board. just think what US unions could do if they could shut down the entire country as routinely as european unions can.

but i guess a guy who gargles the word "*********" every night and every morning is quite comfy with all sorts of creative, or not so creative, tax increases. you seem waaaaaaaayyyyyyyyyy too obsessed with the term "*********" (note: others beside you can use repetitive and excessive lettering for effect).

next, give us your valuable insights into the french military which no doubt would prove just as irrelevant. here, i'll start:

Q: How do you confuse a French Soldier?
A: Give him a rifle and ask him to shoot it.

Q: What's the motto of the US Marine Corps?
A: Semper Fi (Always Faithful)
Q: What's the motto of the French Army?
A: Stop, drop, and run!

Q: What do women who are snipers in the French military use as camouflage?
A: Their armpits.

good gawd sir; where did you prep?

Awesome, so we can assume all liberals will renounce their citizenship, jump on a plane and stay in France. And probably take all the welfare victims they can fit so that they have someone to take care of.

(08-24-2011 09:25 PM)BeerCat Wrote:  Awesome, so we can assume all liberals will renounce their citizenship, jump on a plane and stay in France. And probably take all the welfare victims they can fit so that they have someone to take care of.

just like the looney libs who said they'd leave the US if gwb was re-elected.

Q wrote it and it's the truth: you want to pay more, write the check.

then shut up.