Laissez-faire: Oui ou Non: UPDATE 1
I warned you that the kooks would claim that the new super-rich tax in France would lead to an exodus.
Well even though the ink is hardly dry on Hollande’s signature, they are already claiming the exodus has begun in full force. Supposedly, about 400 homes worth more than 1 million euro have been put up for sale since May.
The fundamental problem with calling this an “exodus” and blaming it on Hollande’s tax is that it is a biased spin on the situation.
You see, for every sale to occur, there must be both a buyer AND a seller. The number of actual “sales” occurring is not mentioned however.
For all I can tell (and therefore I will assume that) there may be more rich people moving INTO France than moving out. This is driving up the price of existing French homes and the rich are taking advantage of this demand to upgrade from 1 million euro shacks to 1 billion euro castles.
From this propaganda hit piece, it is impossible to prove that premise false. Until proven otherwise, I will assume that the tax increase is drawing in the wealthy to take advantage of the improved French infrastructure sure to come from government spending stimulus.