23 Aug '11, 10am

#LOreal Please tax us, French super-rich tell government $OR

PARIS (Reuters) - Some of France's richest people, including the billionaire heiress of L'Oreal and the head of oil giant Total , urged the government on Tuesday to tax them more to help to solve the country's financial problems. In a petition published on the website of weekly magazine Le Nouvel Observateur, 16 company executives, business leaders and super-rich individuals called for the creation of 'a special contribution' that would target wealth without hurting capital flows. The petition follows a recent call by US billionaire Warren Buffett for US authorities to raise taxes on himself and other ultra-high earners to contribute to austerity efforts. In France, President Nicolas Sarkozy is already planning to axe some tax exemptions that benefit the wealthy as he tries to squeeze some 5-10 billion euros (S$8.7-S$17 billion) in extra revenues in the 2012 budget followi...

Full article: http://www.straitstimes.com/BreakingNews/World/Story/STIS...

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