The French Socialist government confirmed a 75% tax rate for top earners and a new 45% ‘band’ for revenues over 150,000 euros.
Businesses are targeted as well. Loan interest tax deductions have been reduced and a capital gains tax break has been eliminated. These respective cuts have taken €4 and €2 BILLION out of the hands of business and placed them into government coffers.
“France is sick because of the model it has … but is choosing to preserve it.” says Guillaume Cairou, Head of the Entrepreneurs Club.
Since the Socialist Hollande has come to power in France and is now proposing high tax rates on the wealthy, neighboring countries are starting to see the wealthy families from France enter or enquire into moving and paying taxes instead to a new jurisdiction.
The French tax rate proposed is 75% for the rich! The previous highest rate was 41%!
“Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government.”
Inquiries into luxury homes in London rose 30% in this years first 3 months. It may have something to do with Prime Minister David Cameron’s position. He stated that he would “roll out the red carpet” for those affected by the 75% French tax rate.
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Hollande is France’s first socialist President in 17 years. He won on the promise of a move away from austerity, more government spending, and high taxes on the rich.
Businesses in France are concerned, with many wealthy French planning to move to London.
Hollande’s victory could also bring about division at the heart of Europe, as German Chancellor Angela Merkel has repeated calls that austerity must be stuck to. However, the southern European nations of Italy, Spain and Greece hope that Hollande will side with them in a move away from austerity.
Random Events, Free Will, Pre-destiny or Something Darker ?