President François Hollande has proposed a 75 percent tax on income over 1 million euros. Under current tax laws, two hypothetical couples with two children each and comparable annual incomes, as expressed in euros, would have more take-home pay in New York City than in France. Under the Hollande proposal, the French couple’s take-home pay would be considerably lower.
Indigestion For ‘les Riches’ in a Plan for Higher Taxes -- New York Times
PARIS — The call to Vincent Grandil’s Paris law firm began like many others that have rolled in recently. On the line was the well-paid chief executive of one of France’s most profitable companies, and he was feeling nervous.
President François Hollande is vowing to impose a 75 percent tax on the portion of anyone’s income above a million euros ($1.24 million) a year. “Should I be preparing to leave the country?” the executive asked Mr. Grandil.
The lawyer’s counsel: Wait and see. For now, at least.
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My Comment: Realistically the real rate is even higher. Add in VAT taxes, property taxes, charges for services, etc.. if you are in France most of your income will be going to the government. I live in Quebec, Canada (this is a French province), and we are now being flooded with young French entrepreneurs who feel that they do not have a future in France. I do a lot of web work on the side, and just last week I met 3 incredibly gifted web designers who have done the websites of some of France's top companies. They immigrated with all of their skills and wealth a few months ago because they saw what was coming .... and are not sorry that they are now here.
One important note .... and one that is omitted in this New York Times article, ....is that as bad as the taxes are for the French entrepreneurial and business class, their real pet peeve is the following ..... it is their daily dealings with cumbersome regulations, paperwork, labor laws, and a bloated government bureaucracy that is always hostile to what they are doing.
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Coming soon to a theater near you.
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