This is what you signed up for, Frenchmen. The French government under new socialist President Francois Hollande has approved a 75 percent tax rate for the richest in the country and guess what? It doesn’t even begin to solve economic problems.
The budget, approved by France’s cabinet on Friday, said that the creation of a new 75 percent tax on millionaires and higher marginal tax rates on high earners would raise some 530 million euros next year.
The new budget also hikes taxes on businesses and investments. Back in May when Hollande was elected, French entrepreneurs and the wealthy began fleeing the country, knowing their wealth would be redistributed in a huge way.
Jeremie Le Febvre, the 30-year-old founder of private equity marketing-services firm TBG Capital Advisors, plans to move to Singapore from Paris this year.
Not because of President-elect Francois Hollande’s pledge to boost taxes; rather for what Hollande’s victory says about how wealth is viewed in France, the entrepreneur said.
Read more at Townhall