France recently announced a 75% tax rate for the successful and one of their most best known business executives, now paying a total of 85%, uprooted to Belgium. Gérard Depardieu, CEO: “I started working aged 14, as a printer, as a warehouseman, then as an actor, and I’ve always paid my taxes. I am neither worthy of pity nor admirable, but I shall not be called ‘pathetic’.” His taxes, over the past 45 years totaled 145 million euros.
Bill Frezza posted the following in Real Clear yesterday: “Government debts are accrued on your behalf by elected officials for whom you had a chance to vote, all supposedly representing your interests. In a democracy, all citizens are obliged to pay the government’s bills as determined by the duly empowered taxing authorities – regardless of whether they voted for a particular officeholder or not. What’s to stop legislators from passing laws that make debt obligations due and payable by any citizen who decides to leave for another jurisdiction? After all, they don’t hesitate to take your money when you die.
Mayors and governors of most tax-and-spend, heavily unionized, low-growth cities and states are both desperate for revenue and tired of watching disgruntled citizens vote with their feet. Think how politically attractive it would be for them to make “economic deserters” pay their “fair share” of old debts.”
We have identified states on the verge of economic collapse (California, Illinois, Michigan…) which are continuing their spending ways and tax increases as working residents and businesses escape. Mr Frezza asks the obvious question, what is to prevent those same states, let alone big government, from eventually imposing ‘escape taxes’ on them?