Do you ever get the feeling there is another world in which those with wealth live amidst plenty and spend their time in pettiness and arrogance? Lillian Bettencourt, the only daughter or the L’Oreal founder, has inherited billions and surrounded herself with individuals who wander the world in company of the “it”people. Ms.Bettencourt, has allowed a man named Francois Marie-Banier, extensive power over how money in her fortune is dispensed–or not dispensed. He has reportedly had his hands on over $1.4 billion. In the murky world of French politics it appears former Budget director Eric Woerth, wanted Ms. Bettencourt to entrust her money to his daughter and there is even speculation that President Sarkozy is, in one way or another, mixed up in this wealthy childish behavior.
This story merely confirms the importance of taxing those with extensive wealth about 70% of anything over ten million. They play with money, they purchase art or fund their hobbies while an economy is sadly in need of money for expansion. Tax the wealthy, lower the amount they can indulge themselves and give them free reign to spend and waste to their heart’s content. Oh, I am available to handle the Bettencourt fortune and I only charge on percent.