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Looks Like Belgium Will Remain ‘in Need of’ Bernard Arnault

Bernard Arnault, CEO of Moet Hennessy Louis Vuitton (MHLV) is seen at the ground-breaking ceremony for LAvenue Shanghai, in Shanghai, Wednesday, May 20, 2009.

On Saturday, France's highest court overturned President François Hollande's plan to tax those who make more than €1 million ($1.32 million) — like Bernie — at a 75 percent rate, calling it unfair, the AP writes. It wasn't so much the 75 percent that bothered the court, but the distribution of income among families, i.e. "A household with two earners each making under €1 million would be exempt from the tax, while one with one earner making €1.2 million would have to pay."

Though it was rumored that Arnault applied for dual French-Belgian citizenship in September to avoid paying the tax, the LVMH CEO has said all along that he would remain a fiscal resident of France. And with his paperwork "snags," and Belgium being so needy — "Belgium 'is in need of' Arnault, who would invest in the country and create jobs there, Belgian lawmaker Theo Francken said" — why bother anymore? What is Belgium's issue? Was it ignored as a child?

Photo: Imaginechina/Corbis

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Copyright © 2013, New York Media LLC.
All Rights Reserved.

Copyright © 2013, New York Media LLC. All Rights Reserved.

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