
PARIS — As France is rocked by government instability and demonstrations, Bernard Arnault has spoken out against suggestions that the country’s wealthiest should pay more taxes.
The head of luxury goods behemoth LVMH Moët Hennessy Louis Vuitton, who is among the world’s richest people, was vocal about a proposed 2 percent tax on wealth above 100 million euros, known as the Zucman tax. It is named after the economist Gabriel Zucman, who masterminded the plan.
In an article in The Sunday Times Arnault called the suggested tax “an offense that is deadly to our economy.”
“This is clearly not a technical or economic debate, but rather a clearly stated desire to destroy the French economy,” he said in the article.
In a statement to The Sunday Times, Arnault said Zucman is “first and foremost a far-left activist…who puts at the service of his ideology (which aims to destroy the liberal economy, the only one that works for the good of all) a pseudo-academic competence that is itself widely debated.”
This is one of a long line of comments from Arnault about high taxation in France.
Most recently, during the annual results presentation in January, the executive lamented: “Unfortunately, in France, we have a tendency to tax companies that are good citizens,” adding this would push companies to move their factories overseas and penalize the French workers.
“We did propose other solutions, but there’s so much bureaucracy,” Arnault said.
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