Post date: Sep 10, 2012 12:14:34 PM
France's wealthiest man is told to "get lost, rich idiot' by a French newspaper over allegations that he may seek Belgian nationality to avoid French President Hollande's 75 percent "super rich" tax.
PARIS, FRANCE (SEPTEMBER 10, 2012) (REUTERS) - France's richest man was advised to 'get lost, rich idiot' in a controversial front-page headline on Monday (September 10) across one of the nation's top daily newspapers as his quest for Belgian nationality fuelled a growing controversy and President Francois Hollande urged him to show some patriotism.
Bernard Arnault, the owner of the LVMH luxury goods group and the world's fourth-richest man sparked a controversy at the weekend when news broke that he was seeking Belgian nationality. Arnault said it has nothing to do with sharply higher taxes that Hollande's government is planning to introduce on the super-rich.
But that did not stop Liberation newspaper from printing a picture of Arnault with a suitcase on its entire front page under a giant headline that said 'Get lost rich idiot.'
Hollande, who beat Nicolas Sarkozy in elections this may, plans to introduce an income tax bracket of 75 percent for anyone earning more than a million euros a year. Arnault is a close friend of former President Nicolas Sarkozy.
"Many French thought that he was abandoning his nationality, he has just made the needed rectification. Also I think we need to call on patriotism at this time when we ask for an effort, for a recovery, that's what I do. When one says that we will have to get to work, to get ready to fight against unemployment, against debt, well, each one of us has to take part in this. I note that Mr Arnault said that he himself would take part in this, that he would give his contribution and so it's not the 75 percent measure which is in question," Hollande said on a prime time news programme on Sunday evening.
Hollande drew a mixed reaction in February when he announced plans for a 75 percent tax on revenue exceeding 1 million euros ($1.26 million) per year as part of efforts to cut France's public deficit to 3 percent of economic output in 2013.
Arnault, who emigrated to the United States during the last Socialist presidency in 1981, has been critical of Hollande's tax initiative, telling Prime Minister Jean-Marc Ayrault on Wednesday he opposed the move.
Former Prime Minister Francois Fillon, talking on Europe 1 radio on Monday morning, said patriotism was to create jobs.
"I am deeply shocked to see a top CEO of a top French company be forced to do such things, but what shocks me even more is the fury of insults and violence - when you see Liberation's headline this morning - but who is more patriotic in this country? Is it someone who has created thousands of jobs, is it someone who contributes, and gets people to pay several billions of euros in tax, is it someone whose work is admired everywhere in the world or is it those who write such articles?" said Fillon, who served as Prime Minister under Sarkozy's presidency.
Arnault is ranked as the world's fourth richest man with a total wealth of $41 billion, according to Forbes magazine. In a year, he jumped from seventh position, benefiting from his company's rising sales in Asia.
In Paris street, reactions were mixed over Arnault's decision ask for Belgian nationality.
"It's an insult made to the French. It's an insult made to the French, to France. It means that we don't have the right to have a political change-over," said Joseph Benichou.
"It's shocking, it has always been shocking, it's always existed and it will never change," said another Parisian.
But one other French citizen believed Arnault would still contribute financially in France.
"I believe him when he says he too wants to participate in the national effort and contribute to curb the debt so it doesn't shock me," Parisian student Camille told Reuters TV.
Following newspaper reports on Friday that the government was preparing to water down the February tax pledge, Hollande and cabinet heavyweights said it would go ahead as promised.
British Prime Minister David Cameron triggered a war of words with France at the G20 summit in Mexico in June by vowing to "roll out the red carpet" for French firms if Hollande followed through on his plan to tax the wealthy more.