They're both trying to do wealth taxes, rather than (more) income taxes.
I suppose that could be interesting for wealth that isn't liquid?
I suppose that could be interesting for wealth that isn't liquid?
> "They were asking me to pay taxes on money I didn't have," Payre said. "I had no choice but to leave the country."
> 1997, he owned shares that were worth $110 million -- on paper. French tax authorities required Payre to pay a wealth tax of 2.2 percent on the shares, based on what the shares would have been worth had he sold them at the market's highest point.
> But Payre said that he didn't have access to them because of stock market regulations that limited his ability to sell and that, in any case, a market dip had devalued the shares below that peak.
Say you put all your savings into the market. You have $400K in assets and the government wants 20% of it ($80K), you either tighten your belt or you sell assets.
The wealthy, of course, will be in much better shape to handle this than your average guy who invested some of their income.
Take possession of parts of their stock in a blind trust and just get dividends or take out loans against the stock and use that cash.
This happens every time. Socialist government nationalizes businesses, drives most of them into the ground.