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LVMH’s Arnault Slams Proposed Billionaire Tax
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The Business of Fashion
Bernard Arnault, the boss of luxury goods group LVMH and France’s richest man, has attacked a proposed 2 percent tax on billionaires as an assault on France’s economy and denounced the plan’s architect as a far-left ideologue.
“This is clearly not a technical or economic debate, but rather a clearly stated desire to destroy the French economy,” Arnault told Britain’s Sunday Times.
He has recently argued in media appearances that the ultra-rich pay proportionally less tax than many other citizens — a gap the proposed levy aims to close.
The tax has broad public support, with an Ifop poll commissioned by the Socialist Party this month showing 86 percent approval.
Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion.
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