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…
Read More: BBC News
THIS is how you act like a responsible member of society. Not by hiding behind words like “class warfare” and “socialism” and deflecting the attention of the people to meaningless things, but by actually tackling the problem by doing your part to make things right.
Just before France conceded to African demands for independence in the 1960s, it carefully organised its former colonies (CFA countries) in a system of “compulsory solidarity” which consisted of obliging the 14 African states to put 65% of their foreign currency reserves into the French Treasury, plus another 20% for financial liabilities. This means these 14 African countries only ever have access to 15% of their own money! If they need more they have to borrow their own money from the French at commercial rates! And this has been the case since the 1960s.
Believe it or not it gets worse.
France has the first right to buy or reject any natural resources found in the land of the Francophone countries. So even if the African countries can get better prices elsewhere, they can’t sell to anybody until France says it doesn’t need the resources.
In the award of government contracts, French companies must be considered first; only after that can these countries look elsewhere. It doesn’t matter if the CFA countries can obtain better value for money elsewhere.
Presidents of CFA countries that have tried to leave the CFA zone have had political and financial pressure put on them by successive French presidents.
This is so many damn levels of wrong.