Rich French feud over 75% Tax

September 12th, 2012 - 8:35 pm ICT by Aishwarya Bhatt  

Paris, Sept 12 (THAINDIAN News) A disagreement broke out between Bernard Arnault the executive officer of fashion giant and Edouard de Rothschild. The reason for the feud is because the former wants to acquire the citizenship of Belgium as the rates that are placed on the taxes are much lower as compared to the tax rates in France.

An article headlined about Arnault’s attempts to get to Belgium citing ‘get lost rich idiot’ and this was on Monday in one of the dailies. His wealth is estimated to be about £25.5 billion and this move is aimed at evading the high tax rates that have been imposed for those earning a lot.

This debate continued to fill the air as was seen on Tuesday’s newspapers, which criticized his move to become a citizen of Belgium. These criticisms went on and continued to show the similarities that existed between this billionaire and the affluent community especially the nobles.

Rothschild who owns a larger portion of the shares in liberation backs the news headlines and he was specifically colluding to the cartoon mockery of Arnault jetting his way out of France with his baggage. This was his way of evading the high tax rates put for the highest earners in France.

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