Russian Tax Haven For The 1%--Gold, Silver for the 99%
Well-known French actor Gerard Depardieu seems to have found a solution to the heavy-handed taxation policies of French President Francois Hollande’s Socialist regime: Russian citizenship. For those unwilling to move to Russia, saving in gold and silver offers an escape from the “silent taxation” of continual currency debasement.
Depardieu’s headline-making move did not come as a big surprise, after months of his verbal volleys criticizing France’s increase of income tax rates on the rich to 75%
Russia’s appeal is its 13% flat tax, which can save millionaires like Depardieu, well, millions. So why haven’t other wealthy Europeans made the move? Other than the obvious patriotic sentiment, Russian Deputy Prime Minister Dmitri Rogozin thinks it is simply a matter of awareness.
Russia’s tax reforms of 2001 aimed to dismantle decades of onerous tax codes resulted in an immediate and dramatic result: personal income tax revenue rose by nearly 200%.