Please Tax Us - French Super-Rich Urge Govt. To Tax Them More

[Prakat]

PARIS Some of France's richest people, including the billionaire heiress of L'Oreal and the head of oil giant Total, urged the government on Tuesday to tax them more to help to solve the country's financial problems. In a petition published on the website of weekly magazine Le Nouvel Observateur, 16 company executives, business leaders and super-rich individuals called for the creation of a special contribution that would target wealth without hurting capital flows. The petition follows a recent call by U.S. billionaire Warren Buffett for U.S. authorities to raise taxes on himself and other ultra-high earners to contribute to austerity efforts. In France, President Nicolas Sarkozy is already planning to axe some tax exemptions that benefit the wealthy as he tries to squeeze some 5-10 billion euros in extra revenues in the 2012 budget following a market rout that has highlighted concern over French public finances. Budget Minister Valerie Pecresse said this month that the government was working on a new contribution from taxpayers earning more than 1 million euros (US$1.41 million) a year. We are conscious of having benefited from a French system and a European environment that we are attached to and which we hope to help maintain, said the petition, signed by the chief executives of advertising group Publicis, bank Societe Generale and the president of Air France. Sarkozy, who faces a tough battle for re-election in April, initially planned to raise an extra 3 billion euros next year by clamping down on tax breaks as he seeks to trim the 2012 deficit to 4.6% of gross domestic product from a forecast 5.7% this year. But weak second-quarter economic growth and Standard & Poor's downgrade this month of the U.S. credit rating have convinced Paris it needs to act more urgently to shore up its AAA rating, crucial for the stability of the euro zone as it wrestles with its debt crisis. 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, the petition said. SOURCE Who among India's Super Rich do you think will be most likely to start something like this here? And who will join them? Hard to imagine actually.

[Clarke]

Who among India's Super Rich do you think will be most likely to start something like this here? And who will join them? Hard to imagine actually.

They're not stupid to let our corrupt bureaucracy get richer on their expense. The ones who care (Tata/Premji/Murthy etc) contribute to the country & its people directly.

[Brainfade]

They're not stupid to let our corrupt bureaucracy get richer on their expense. The ones who care (Tata/Premji/Murthy etc) contribute to the country & its people directly.

My kids were at a party where there was a pinata. As soon as the pinata broke, my 6-yr old jumped into the fracas and started getting candy. My 4-yr old was hesitating, and I said "Don't worry, your sister will share her candy with you." My friend immediately said "I thought you were conservative ... now you are all for redistribution of wealth?" I said "No, I am still a conservative; if I'd said that I (the government) will grab some of her earned candy, so I can eat half of it, and give the rest to my 4-yr old ... then I'd be a true blue 'Crat."

[Silva]

Why don't they just give their money to the government? Or creat more businesses and give poor people better jobs so they get more money so that they end up pay more money in taxes so they can help the country more organically. Seriously rich people bragging about wanting to paying more taxes just sounds like a publicity stuny. If the goverment is broke its most likely because they spent money on stuff they couldn't afford giving them more money isn't going solve anything long term.

[gs]

Why don't they just give their money to the government? Or creat more businesses and give poor people better jobs so they get more money so that they end up pay more money in taxes so they can help the country more organically. Seriously rich people bragging about wanting to paying more taxes just sounds like a publicity stuny. If the goverment is broke its most likely because they spent money on stuff they couldn't afford giving them more money isn't going solve anything long term.

:two_thumbs_up:

[Brainfade]

Why don't they just give their money to the government?

Why? So the govt can waste it?

Or creat more businesses and give poor people better jobs so they get more money so that they end up pay more money in taxes so they can help the country more organically.

Well-said. Agree 100%.

Seriously rich people bragging about wanting to paying more taxes just sounds like a publicity stuny. If the goverment is broke its most likely because they spent money on stuff they couldn't afford giving them more money isn't going solve anything long term.

It probably is a publiciity stunt.

[Clarke]

My kids were at a party where there was a pinata. As soon as the pinata broke' date=' my 6-yr old jumped into the fracas and started getting candy. My 4-yr old was hesitating, and I said "Don't worry, your sister will share her candy with you." My friend immediately said "I thought you were conservative ... now you are all for redistribution of wealth?" I said "No, I am still a conservative; if I'd said that I (the government) will grab some of her earned candy, so I can eat half of it, and give the rest to my 4-yr old ... then I'd be a true blue 'Crat."[/quote'] What if: - The 6 yr old did not share anything. - A 10 yr old bully grabbed most of the candy and stored it in his Swiss account :haha: or many other such scenarios occured. You or the other parents will then be forced to intervene and handle the candies. My response was keeping our (Indian) govt in mind. Its simply not fair to paint that sort of picture for every govt out there. Its good to have billionaires like Tata but there is no guarantee such kind men/women will be at the helm.

[Lurker]

Why don't they just give their money to the government? Or creat more businesses and give poor people better jobs so they get more money so that they end up pay more money in taxes so they can help the country more organically. Seriously rich people bragging about wanting to paying more taxes just sounds like a publicity stuny. If the goverment is broke its most likely because they spent money on stuff they couldn't afford giving them more money isn't going solve anything long term.

That is akin to saying why do folks send money etc in natural disasters, when they can surely travel and help...atleast those with a lot of means to do so. It is not a simple case of starting a business and/or creating jobs. That takes time, and surely nobody wants to spend millions and billions to see it all go down the drain. The better option is to provide to an agency, in this case Government, who can make better use of the resources. I see nothing wrong with what France's rich people have suggested. It should be applauded if anything. xxx

[Silva]

That is akin to saying why do folks send money etc in natural disasters, when they can surely travel and help...atleast those with a lot of means to do so. It is not a simple case of starting a business and/or creating jobs. That takes time, and surely nobody wants to spend millions and billions to see it all go down the drain. The better option is to provide to an agency, in this case Government, who can make better use of the resources. I see nothing wrong with what France's rich people have suggested. It should be applauded if anything. xxx

I disagree with your analogy. A person making a personal desision to donate money to the goverment has every right to do say. But to say that everybody that makes high income should pay higher taxes becasause the super rich feal charitable is a completly different story.

[Lurker]

I disagree with your analogy. A person making a personal desision to donate money to the goverment has every right to do say. But to say that everybody that makes high income should pay higher taxes becasause the super rich feal charitable is a completly different story.

Thats not in discussion here, is it now? Some rich folks, not all mind you, suggest they can pay more taxes. I say all powers to them. Why should I question why they can not create jobs instead?

[bulbul]

As Lurker wrote opening Buseness and creating Jobs is Not easy..Once you open the busenss you have to concentrate on Profit/Loss. Or else it will become one more charity.. also if buseness enlisted on Stock market then everybody knows how much complicated things become... Why shoukld these guys have to take up pressure on themsleves just becuase they have to help others.. Tax is the better option as long as Govts wishes peoples wellfare..but with corrupt govts you never know what happens.. one idea is to have a Independent trust with money collected from many people...then this trust to arrange distributing money for Eligible Candidates for starting thier own busenesses and create a jobs..while The tryst oversee the responsibilities and People who statrts the buseness are Held accountable for misuse.. all these are Just Ideal scenarios mayn not replicable in real world. As of Now we can Just selute the French super rich....even if we dont know their true iontentions better to give Benifit of Doubt tp them .

[Brainfade]

Instead of talking, do what Bill Gates is doing

As Lurker wrote opening Buseness and creating Jobs is Not easy..Once you open the busenss you have to concentrate on Profit/Loss. Or else it will become one more charity.. also if buseness enlisted on Stock market then everybody knows how much complicated things become... Why shoukld these guys have to take up pressure on themsleves just becuase they have to help others.. Tax is the better option as long as Govts wishes peoples wellfare..but with corrupt govts you never know what happens.. one idea is to have a Independent trust with money collected from many people...then this trust to arrange distributing money for Eligible Candidates for starting thier own busenesses and create a jobs..while The tryst oversee the responsibilities and People who statrts the buseness are Held accountable for misuse.. all these are Just Ideal scenarios mayn not replicable in real world. As of Now we can Just selute the French super rich....even if we dont know their true intentions better to give Benifit of Doubt tp them .

With all due respect, it is flaky to salute someone for good intentions, but no real action. Instead of talking, these people need to go out and do something worthy of salute. Like what? Bill Gates has the blueprint. His foundation funds big ideas in education, world heath and development without involving the government. http://www.gatesfoundation.org/about/Pages/guiding-principles.aspx

Guiding Principles The 15 principles below reflect the Gates family's beliefs about the role of philanthropy and the impact they want this foundation to have. The principles guide what we do, why we do it, and how we do it. While many of them are fundamental to the way we operate, we will remain open to amending them as we grow and learn more about our work. Guiding Principle #1: This is a family foundation driven by the interests and passions of the Gates family. Guiding Principle #2: Philanthropy plays an important but limited role. Guiding Principle #3: Science and technology have great potential to improve lives around the world. Guiding Principle #4: We are funders and shapersÃØe rely on others to act and implement. Guiding Principle #5: Our focus is clearÃÂnd limitedÃÂnd prioritizes some of the most neglected issues. Guiding Principle #6: We identify a specific point of intervention and apply our efforts against a theory of change. Guiding Principle #7: We take risks, make big bets, and move with urgency. We are in it for the long haul. Guiding Principle #8: We advocateÃ×igorously but responsiblyÃÊn our areas of focus. Guiding Principle #9: We must be humble and mindful in our actions and words. We seek and heed the counsel of outside voices. Guiding Principle #10: We treat our grantees as valued partners, and we treat the ultimate beneficiaries of our work with respect. Guiding Principle #11: Delivering results with the resources we have been given is of the utmost importanceÃÂnd we seek and share information about those results. Guiding Principle #12: We demand ethical behavior of ourselves. Guiding Principle #13: We treat each other as valued colleagues. Guiding Principle #14: Meeting our missionÃÕo increase opportunity and equity for those most in needüB]requires great stewardship of the money we have available. (my comment: that alone disqualifies government - any government). Guiding Principle #15: We leave room for growth and change.

There is really no reason to give money to the middleman aka Govt.

[Lurker]

With all due respect, it is flaky to salute someone for good intentions, but no real action. Instead of talking, these people need to go out and do something worthy of salute. Like what? Bill Gates has the blueprint. His foundation funds big ideas in education, world heath and development without involving the government. There is really no reason to give money to the middleman aka Govt.

I would disagree CA. Most rich folks do a lot of philanthrophy on their own. Some, like Bill Gates, do far more than others. Good for Bill. However there is no reason that should be used as a blueprint to say what Matt Damon should do. if Matt Damon supports Teachers guilds, or Boys Scouts, and also suggests he is willing to pay more taxes I say all powers to him. Why would I, or anybody else, send him a blueprint to say Do this Not that. Darn that sounds like the whole "Eat this not that" craze that seems to be popular these days lol.

[Brainfade]

I would disagree CA. Most rich folks do a lot of philanthrophy on their own. Some, like Bill Gates, do far more than others. Good for Bill. However there is no reason that should be used as a blueprint to say what Matt Damon should do. if Matt Damon supports Teachers guilds, or Boys Scouts, and also suggests he is willing to pay more taxes I say all powers to him. Why would I, or anybody else, send him a blueprint to say Do this Not that. Darn that sounds like the whole "Eat this not that" craze that seems to be popular these days lol.

Not saying Damon (or anyone else) should do what Bill does. Just used Bill's foundation as an example of how a rich person can give back effectively (and probably more efficiently than the govt) by doing something on their own. Not stopping anyone from doing anything (or doing nothing even). Just pointing out the stupidity of giving your money to someone who is rolling in $14 T of their own debt.

[yoda]

Yea it is stupid for the biggest earners in the family to say I will contribute more towards the financial troubles of my family and help us get out of this mess. They should instead go out and say I will help needy families world over cause my family has already been blowing money I have given so far, never mind that some of that money was spent in helping me become what I am today.

[Lurker]

Not saying Damon (or anyone else) should do what Bill does. Just used Bill's foundation as an example of how a rich person can give back effectively (and probably more efficiently than the govt) by doing something on their own. Not stopping anyone from doing anything (or doing nothing even). Just pointing out the stupidity of giving your money to someone who is rolling in $14 T of their own debt.

The problem with that line of thought CA is you may have been of a different opinion in early 2000s when there was a budget surplus.

[Brainfade]

The problem with that line of thought CA is you may have been of a different opinion in early 2000s when there was a budget surplus.

It was meant to be an illustration of just one symptom of the bloated, bureaucratic mess that the gov't is. Let me try again ... it is stupid to give more of your money away to an entity that has spent close to a trillion dollars on unreasonable wars in the last decade.

[Silva]

Thats not in discussion here, is it now? Some rich folks, not all mind you, suggest they can pay more taxes. I say all powers to them. Why should I question why they can not create jobs instead?

Not sure about the french but warren buffet and other multi millionaires often justifify support of the democrats raising taxes on everybody making $200000+ because they themselves are willing to pay higher taxes. Its complete lunacy because their are many people who make around 200000 that just moved in to higher class communities and putting their kids through top quality schools who are genuianly struggling to get by expecially after the morgtage crisis and the liberals want them to pay more despite the fact that its been poor goverment managment over the passed 2 decades thats got us into this mess. Giving them more money isn't going to solve anything because they suck at managing it and have proven so time and time again.