The Secrets of Living in Luxury: Make sure you’re out of town when the bill comes
Today's Financial News - Posted March 20, 2009
Universal healthcare is on its way, we’re told. Soon, Americans will enjoy the same degree of healthcare as Europeans. Sounds nice—especially if you don’t pay for it…
by J. Christoph Amberger
Baltimore—TFN: Two years ago, I visited an old, expatriate friend of mine who now resides in the French countryside.
Strolling across the pastures surrounding his manorial estate, I couldn’t help but think: “Now, here’s an American rags-to-riches story if you ever saw one! A man who built a half-billion dollar company out of nothing—helped only by his work ethic and an unflagging belief in the power of an individual’s initiative and ambition!”
Over water and wine (I don’t drink, not even French wines), conversation shifted to healthcare: “They have fantastic healthcare here in France,” he said, graciously swirling his Bordeaux in his glass. His son had recently been injured and the rural doctor they had called had showed up within minutes.
“It cost 10 euros to have him come all the way out here!”
In his eyes was the bright sheen of Yankee pride at getting a bargain.
But all too soon, we had to wrap up our lunch. He had to leave for London. “Business?” I inquired.
“Naaa. I can only spend a certain number of days a year in France,” he explained, folding his succulent white napkin. France would tax him on his entire net worth if he were a permanent resident… so he had to make sure he spent the majority of the year elewhere. In Britain, Australia, the States.
I watched him take off for the airport. Based on the gasoline prices back then, I figured the 10 euro doctor’s fee would just about cover the taxpayer-paid physician’s ride in his Deux-Chevaux. And that I was privy to watching wealth doing what it does best… elude the grasp of the taxman.
So that’s the secret to enjoying universal healthcare while living “like God in France” (as the German expression goes): Enjoy its benefits but duck out when the bill arrives!
I was reminded of my friend when I read about French president Sarkozy’s recent and controversial efforts to lure wealth back to France by reducing taxes on individuals and corporations. The math is seductively simple: A small percentage of a large domestic income goes a lot farther than no percentage on an offshore income.
The irony of it all: These days, America has gotten so sick of prosperity it’s doing all it possibly can to erase it.
What a crazy time we live in when we have to look to France for lessons in capitalism!
Juxtaposed Headlines:
But take solace: Soon, everyone will have access to government-sponsored healthcare. Just like in France… and in Britain:
“Barack Obama will make health insurance affordable and accessible to all” vs. “Britain apologises for ‘Third World’ hospital”
Next Article: Strategic Options Update: “These options went up 50% since 9:45 this morning…”
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