So what does happen when you tax the rich as Marxist, and former ATO official, John Passant suggests?
The rich move. First they might try to move their money and failing that they move themselves..
It was the sort of below-the-belt blow Francois Hollande could have done without. Still reeling from a series of political thumps at home and abroad, the right hook delivered by Russian leader Vladimir Putin on Thursday gave the French president his first bloody nose of 2013.
The Kremlin’s announcement that Putin had signed official papers granting Russian citizenship to French national hero Gerard “Gege” Depardieu hit home.
Enraged at having his decision to leave France for fiscal exile in neighbouring Belgium described by French prime minister Jean-Marc Ayrault as “shabby”, Depardieu, star of the Hollywood film Green Card, had turned bellicose, threatening to give up his French passport.
And there, given that France’s civil code requires a citizen to have another nationality in order to relinquish being French, the melodrama might have ended, had Putin not joined the fray.
It’s not just the Russians capitalising on the French tax policies,
… and the British prime minister, David Cameron, along with London mayor Boris Johnson, offered to roll out the red carpet to those seeking to pay less tax.
Tax competition at its finest.