PreviousNext

High earners planning to leave France if 75% tax rate on income above 1million euros goes ahead

By // News | High earners planning to leave France if 75% tax rate on income above 1million euros goes ahead
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

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%

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

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.

Tagged : No tags for this article

Headlines Newsview all

Amanda Holden at the centre of Twitter backlash as she sends daughter to school dressed as Pretty Woman prostitute for fancy dress day

A parenting group has slammed TV star Amanda Holden for posting a picture of her nine-year-old daughter 'dressed as a prostitute' online.The Britain's Got Talent ... Full story

Grandmother filmed confronting militants and branding them 'devils' before quoting verses in the Koran that forbid slaughter

An incredible video has emerged showing the moment an elderly woman bravely confronted two Islamic State militants, telling them their terror group is cursed and ... Full story

Jobseeker shocked to be sent rudest rejection email ever calling him an 'old, aesthetically challenged professional pr*** with no teeth'

A jobseeker was shocked after he was branded as 'irritating', 'rude' and 'obnoxious' in a cutting email accidentally sent to him by a prospective employer.James ... Full story

Youngsters turning their backs on binge drinking with 40% surge in teetotal teens and students

Teenagers and young adults are turning their backs on binge drinking, dramatic new figures have revealed.The proportion of teetotal 16-to-24 year olds has rocketed by ... Full story

Talented 18-year-old pianist who had won a place at Cambridge University was killed by a train after suffering a lapse into deep depression

A gifted 18-year-old pupil who had won a place at Cambridge University was killed by a train after suffering a lapse into 'deep depression', his ... Full story

Former PE teacher, 91, becomes oldest person ever sent to prison for the first time after being found guilty of string of sex attacks on boys

A 91-year-old former teacher has become the oldest person to be sent to prison for the first time after he was jailed for carrying out ... Full story

Beauty therapist who posted dozens of weight loss selfies showing off her new slim figure on Facebook is reported for encouraging nudity

A beauty therapist who posted dozens of 'selfie' pictures of her new slimline figure on Facebook said she was shocked and upset after being reported ... Full story

Parents slam former Ofsted boss Zenna Atkins who is now chair of school governors over x-rated messages she posted on public Facebook page

Parents have slammed a former Ofsted chief who is now chairman of a school's governing board over x-rated messages she posted on Facebook.Zenna Atkins, who ... Full story

Taxpayers forked out £2,300 a month for council boss on £195,000 a year salary to drive luxury Porsche

Taxpayers paid out more than £2,300 a month for a council chief executive on a £195,000 a year salary to drive around in a luxury ... Full story

30 signs YOUR relationship has hit the comfort zone (and will go the distance)

Do you go au natural around your partner, chat to them while naked and do their laundry? You've officially hit the comfort zone.New research reveals ... Full story

Number of Muslim children in England and Wales doubles in a decade with one in 12 school pupils now brought up in Islamic home

The number of Muslim children in England and Wales has doubled in a decade, according to the most detailed study of its kind.An analysis of ... Full story

Comment on: High earners planning to leave France if 75% tax rate on income above 1million euros goes ahead

Rate this article

0

Breaking News

What a washout! Heavy rain forces play to be suspended in The Open at St Andrews after lightning and 50mph winds hit Britain... and there's more on the way

Conditions halt play before first group had even finished first hole on second day of championship in FifeDownpour saw torrent of water gushing down ...

Findon road rage motorist who stabbed man after car crash hunted by police

It happened on the A24 at Findon, West Sussex, at about 8.30pm, last nightSuspect got out of car in front and knifed driver in other ...

Heathrow Airport in chaos after self-service machines 'run out of paper' creating delays

Furious holiday goers complained of long queues at Heathrow's Terminal 2Passengers claimed 'chaos' due to self-service machines running out of paperHappened as 3,000 people descended on ...

Son of NHS doctor from Middlesbrough helped to recruit up to 18 fellow medical students to join Isis 

Mohammed Fakhri Al-Khabass' father ran a GP practice on Teesside25-year-old grew up in Middlesbrough but went to university in SudanHe then radicalised other ...

Pictured: The tattered party dress, dirty shorts and ripped t-shirt found next to a child's body and a battered suitcase by the side of a road

Police release images of suitcase and clothes found with dead childA girl's black dress, undergarments, and a girl's shoe were picturedGender of the child still ...

Russian-backed rebels rifle through MH17 victims' belongings in video

Shocking footage shows Russian-backed rebels rifle through belongingsThey initially believed they had shot down a Ukrainian fighter jet Donetsk People's Republic and Kremlin have always denied responsibility 298 passengers and crew ...

Mayor says children must be kept inside between 2pm and 5pm and tells town to be quiet as it becomes the first in Spain to have an official afternoon nap time 

Joan Faus Vitoria, mayor of Ador in Valencia, has brought in official siestasFor three hours every day, locals are able to return home and go to ...

Britain's public schools have 'average teaching and are too soft', Arnold Holle says

Arnold Holle urged Germans not to send children to UK public schoolsInvestment banker spent 'seven-figure' sending all four of his childrenBut said pupils learn same ...

Metropolitan Police’s Paul Cahill collapses on way to court for drugs charges

Chief Inspector Paul Cahill allegedly found slumped over wheel of his carOfficers searching vehicle found MDMA, mephedrone and controlled sedativeCahill was on way to court to ...

Prince Harry's critics fear Africa trip will turn into a publicity stunt 

Prince Harry is at front line of a war against the illegal trade in rhino horn Royal is raising awareness of a deaths of thousands of ...