By Suzannah Hills
PUBLISHED: 21:58 EST, 7 August 2012 | UPDATED: 05:07 EST, 8 August 2012
A Paris law firm has been inundated with wealthy businessmen asking if they should leave France after President Francois Hollande vowed to impose a 75 per cent tax rate on income above one million euros.
Vincent Grandil, partner of Altexis, which specialises in tax law, admitted his company has been receiving concerned calls from high earners since the French President's tax announcement.
He told the New York Times: 'We're getting a lot of calls from high earners who are asking whether they should get out of France.
Cracking down: France's President Francois Hollande plans to increase tax on earners over one million euros to 75%
'Even young, dynamic people pulling in 200,000 euros are wondering whether to remain in a country where making money is not considered a good thing.'
The feeling of unease among France's top earners comes after Hollande became the country's first socialist president since Francois Mitterrand in the 1980s.
His 75 per cent tax proposal to 'get the country back on its feet again' will be debated when parliament resumes in September.
Hollande has vowed to reduce France's budget deficit from 4.5 per cent of the nation's gross domestic product to 3 per cent next year.
Changing times: A law firm in Paris has been inundated with phone calls from wealthy businessman who are considering leaving France over the proposed tax hikes
The tax would effect around 30,000 workers out of the country's population of 65million.
Mr Grandil continued: 'French people have an uncomfortable relationship with money. Here, someone who is a self-made man, creating jobs and ending up as a millionaire, is viewed with suspicion. This is big cultural difference between France and the United States.'
He added that a lot of companies are now looking at moving their high-paid executives out of France to avoid the new tax.
It remains to be seen how many people will jump ship to avoid the tax measures but former Victoria's Secret model Laetetia Casta, the restaurateur Alain Ducasse and the singer Johnny Hallyday have already left the country.
Headlines Newsview all
'Don't Have Any Parties': Last Words of Mother Days Before Her Son Threw a Massive Party and Drunken Facebook Crashers Trashed Her £1m House
Drunken revellers have trashed a £1.1million house after gatecrashing a public schoolboy’s Facebook event - days after his mother went on holiday and told him: ... Full story
Woman Driver's Fury After Commons Speaker 'Clipped Her Car as He Parked Outside a London restaurant'
Commons Speaker John Bercow has been accused of behaving like an 'arrogant toff' and a 'little weasel' by a motorist who claims he clipped her ... Full story
Swarms of deadly hornets have killed more than 40 people and injured more than 1,600 in northern China. At least 37 patients are in a critical ... Full story
Rate this article
MOST POPULAR ON CAPITALBAY
- 'Don't Have Any Parties': Last Words of Mother Days Before Her Son Threw a Massive Party and Drunken Facebook Crashers Trashed Her £1m House
- Woman Driver's Fury After Commons Speaker 'Clipped Her Car as He Parked Outside a London restaurant'
- Swarms of Massive Insects Kill More Than 40 and Injure 1,600 in China
Construction returned to growth in October as a rise in house building helped the sector expand by 2.2%, reaching a near two-year high level of ...
All David Cameron wants for Christmas is some "squidgy tennis balls" and "a bit of peace and quiet", he has revealed. The Prime Minister did accept ...
A 22-year-old from Reading was arrested by police this morningJayden Parkinson, 17, has been missing from Oxford since December 3Detectives say that they are now ...
The human Predators: Hunter designs camouflage suits that make wearers almost impossible to see (but can YOU spot them?)
US company launches new range of hunting clothing which makes it impossible to tell humans from treesFounder Bill Jordan, of Columbus, Georgia, spent 25 years ...
Archive of Rowntree's Christmas selection boxes dating back to 1927 show the evolution of the festive staple which was once considered a luxury item
Families could save up for the chocolate boxes all year in the 1920sBoxes were thought of as 'extravagant' and, at 10 shillings, could cost same ...
Early snow has surprised many Israelis and Palestinians as a blustery storm, dubbed Alexa, brought gusty winds, freezing temperatures and heavy snowfall to the Middle ...
'They all lied': Aide accuses Nigella and Saatchi... and insists there WAS an 'understanding' that she could keep spending if she stayed silent over star's cocaine habit
[unable to retrieve full-text content]Elisabetta Grillo told Isleworth Crown Court today that she is telling the truth about having seen evidence of Nigella Lawson's alleged ...
Nine-month pregnant mother raped and killed with lethal injection of heroin by man she met on Craigslist had 'turned to prostitution to support her children'
Deanna Ballman has recently left her husband and moved statesShe was about to give birth to a baby girl called Mabel when killedA prosecutor said ...
By Daily Mail Reporter PUBLISHED: 20:43 EST, 12 December 2013 | UPDATED: 07:13 EST, 13 December 2013 17 View comments Driver: Luis Delcid-Cardona, 19, will face three death by ...
Housebuilder Bellway is capitalising on London's roaring property market after selling a clutch of Made in Chelsea expensive aparments. The sales have pushed Bellway’s average selling ...