France’s wealthy call for tax on rich / France’s rich to bear brunt of austerity budget

Article reports that some of France’s wealthiest individuals, including the L’Oréal heiress Liliane Bettencourt, Christophe de Margerie, head of oil major Total and a member of the wealthy Taittinger family, and Maurice Lévy, head of Publicis, the marketing services group, called in August 2011 for a tax on the rich in a gesture of national solidarity as the French government prepared to announce swingeing cuts to bring public finances under control.

Notable for their absence from the French appeal, however, were most of the wealthiest families. An adviser to one said that a tax on the rich made no sense.

The French government announced up to €12bn in extra savings in 2011 and 2012 on the 24 August 2011. Prime Minister Francois Fillion said that the government had cut its 2012 growth outlook to 1.75% from 2%.

Deutsche Welle, 24.8.11: France answers super-rich petition for higher taxes http://www.dw-world.de/dw/article/0,,15340572,00.html

BBC News, 24.8.11: France introduces new tax on high incomes http://www.bbc.co.uk/news/business-14656486

France24, 24.8.11: France cuts growth forecast, unveils more cutbacks http://www.france24.com/en/20110824-france-cuts-growth-forecast-announces-more-cutbacks-budget-deficit

ESO: Background information: Focus of eurozone crisis turns to France http://www.europeansources.info/record/sarkozy-gives-ministers-debt-deadline-focus-of-eurozone-crisis-turns-to-france/

France24, 19.8.11: Should governments tax the rich to get out of debt? http://www.france24.com/en/20110819-should-governments-tax-their-way-out-of-debt-buffett-rich-crisis-soros-increase-france-usa

La Tribune, 25.8.11: Super-wealthy petition to pay more tax http://www.presseurop.eu/en/content/news-brief-cover/884811-super-wealthy-petition-pay-more-tax

The Guardian, 30.8.11: Please tax me, I’m fabulously rich (via PressEurop) http://www.presseurop.eu/en/content/article/896391-please-tax-me-i-m-fabulously-rich

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