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
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
Rate this article
MOST POPULAR ON CAPITALBAY
- Royal baby hoax hospital staff wanted to discipline nurse Jacintha Saldanha
- Trainee teacher hangs himself after split from the girlfriend he couldn’t live without
- Lacey Wildd has had 30 enhancement surgeries and is planning more
Senior officials arrested at five-star hotel in Zurich ahead of FIFA CongressPlain-clothed officers led suspects through side-door of hotel this morningReports say they face corruption ...
Tourist strolls Bondi Beach smoking bong-like device Locals gawked as the man enjoyed a puff from his homemade contraption 'There were a few stares', photographer tells Daily ...
BB King's lawyer blasts relatives who made 'ridiculous' claims that blues legend was murdered, saying they were only sore because he left them just $5,000 each
Karen Williams and Patty King claimed father was poisoned by his aides King's children were left four-figure sums in his will, star's lawyer revealsBrent Bryson claims ...
Thousands of London commuters endure fresh travel misery as power failures cause dozens of services to be delayed or cancelled
Angry commuters tweet photos of crowded platforms and huge queues c2c passengers pictured alighting next to rails in between stations todayServices not running between Tilbury Town/Upminster ...
Adrian Bayley found guilty of raping women before murdering Jill MeagherHe is serving a life sentence for Ms Meagher's death in Melbourne in 2012The 43-year-old ...
A slice of Australian history has gone on the market in the South Australian Outback on the Oodnadatta TrackCoward Springs was an old railway site ...
Baby fur seal found among cows in a farm in Bletchley South AustraliaFarmer made surprise discovery after his cows were acting strangelyClosest lake is 20 km away, while the sea is ...
'Wolverine' murderer 'cared more about his dog than family he killed': Last text message of killer told friends to take care of Jack Russell as they say 'dark secret' drove him to stab them to death
Jed Allen told friends in message that his dog Tetley 'deserved a better life'He did not mention that he had gone on the run after ...
Monocle and Wallpaper founder says Australia is at risk of becoming the 'dumbest nation on Earth'And economists say Australia is dumbing down its economyExpert warns against ...
Image taken by Jean Tresfon, 40, as she travelled by boat along the Moremi river in Botswana with Steve BenjaminThe pair spotted the animal feeding, ...