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

So much for Eurozone austerity! David Cameron joins Angela Merkel in Germany for a lavish banquet in an ornate hall with a 50ft-high golden ceiling as he warns Brexit would make world a more dangerous place

Prime Minister enjoyed a luxurious meal as he chatted to the German Chancellor during annual Matthiae-Mahl dinner Photographs showed Cameron laughing and joking with Merkel as ... Full story

Bernie Sanders confronted by supporters demanding slavery reparations as he courts the black vote

'I know you’re scared to say ‘black,’ I know you’re scared to say ‘reparations,' one panelist told him An audience member shouted at him, 'We were ... Full story

Jimmy Hill memorial service: Football's great and good including England manager Roy Hodgson, Trevor Brooking, Gary Lineker and John Motson pay tribute to a man 'truly worth celebrating'

immy Hill's life celebrated at Coventry Cathedral in front of thousands of people all paying their respects   England manager Roy Hodgson, Trevor Brooking, Tony Mowbray, ... Full story

Pope Francis and Russian Orthodox church leader end 1,000 year rift between East and West at historic Cuba meeting as they sign a joint declaration calling for an end to Christian persecution

Pope Francis has arrived in Cuba to meet Russian Orthodox Patriarch Kirill He will attend a private meeting with Kirill at Jose Marti airport in Havana  Set ... Full story

Horror at the school gates: Eight girls including five 11-year-olds are injured after a car driven by a woman, 80, smashed into a group of pupils leaving a Liverpool academy

Car crashed into group of girls outside Belvedere Academy in Liverpool Eight girls aged 11-16 were rushed to hospital, one with a head injury Merseyside police said ... Full story

Trump says Bernie Sanders is a 'communist' and Jeb Bush is 'gutless' and 'asleep at the wheel' - as he wows 16,000 at Tampa rally

'We're going to have a communist against the entrepreneur. I like the entrepreneur. Don't you think?' Trump asked a sea of humanity in Florida He said ... Full story

PM will wheel out Obama to make the case for staying in the EU despite fears 'lecture' from President could backfire

David Cameron has invited the President to visit Britain to bolster his case  Obama is planning a 'big, public reach out' ahead of public vote on ... Full story

Flood alerts are issued for huge stretch of London and Thames Barrier is closed for first time this winter after river burst its banks due to massive tides and heavy rain

Flood alerts have been issued for a huge section of the River Thames from Greenwich to Putney, west London Thames Barrier was closed for the first ... Full story

Up to 60 dead and dozens more injured in Mexican prison riot as locals report hearing gunfire and explosions inside compound

A riot and fire broke out at the Topo Chico prison in the north of Mexico  State Governor has confirmed 52 people are dead and twelve ... Full story

Woman slices off her brother-in-law's genitals 'as he raped her' then hands the severed member in to police as evidence in India

Mother-of-three stunned police officers by handing over the severed organ She claimed chopping it off with a sickle was the only way to stop the man Brother-in-law ... Full story

TOM UTLEY: What the estate agent who sold my dad's dingy house could teach Dave about honesty

When my parents decided to sell the house in which I was born, they went to the then fashionable estate agent Roy Brooks, who was ... Full story

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

Rate this article


Breaking News

The faces of the Flint water crisis: National Geographic's striking portraits show the fear and frustration of residents living in a city where the water poisons

National Geographic released striking portraits of Flint residents during the water crisis taken by photojournalist Wayne Lawrence An estimated 12,000 children have been exposed to lead-tainted ...

Mizzou journalist threatened with arrest for attending public meeting of black student activists - just months after professor threw him out of protest

Mark Schierbecker filmed himself attending black student activist meeting Forum was taking place at University of Missouri on it public campus Leader of the forum asks Schierbecker to leave, ...

Prosecutor says Houston teen who 'worshiped devil' admits to stabbing friend to death

Edward O'Neal IV, 18, is accused of murdering his friend Ryan Robert, 16 O'Neal's parents say he worships the devil and doesn't believe in God Victim's mom ...

Fargo police officer Jason Moszer dies after he is shot during 11-hour standoff

Officer Jason Moszer, 33, died from his injuries on Thursday  Moszer was shot while responding to domestic disturbance call about a man who opened fire on wife  Police ...

Missing Washington boys, ages 15 and 9, last seen in California to have a supervised visit with their mother are found in safe condition in Mexico

15-year-old Sage Cook and nine-year-old Isaac Cook were found by authorities in Mexico's Sinaloa state, FBI officials said They reportedly returned to Washington Friday with their ...

Gilgo Beach Killer autopsy evidence case shows Shannan Gilbert was 'strangled to death'

Prostitute Shannan Gilbert, 24, disappeared on Long Island back in 2010 Search for her turned up the remains of ten others along Gilgo Beach Police believe all ...

Charlie Sheen reveals to Dr. Oz the new 'experimental' HIV trial

Sheen is in a screening phase for a new clinical trial of HIV drugs The treatment would be two injections each week monitored by doctors The trial ...

New York mayor Bill de Blasio urges 'extreme precautions' as Northeast faces 'coldest temperatures in a decade'

De Blasio warned residents to take 'extreme precautions' over weekend Forecasters have warned the conditions could be 'life-threatening'   New York City's forecast predicts Saturday temperatures of ...

Affluenza teen Ethan Crouch's dad Fred 'choked his own girlfriend'

Cops were called to Fred Couch's home after a woman claiming to be his girlfriend reported he had choked her But police unable to make any ...

Are these the worst Valentine's Day photos ever?

Romantic moments gone wrong in these photos range from hilarious to strange as some couples even stripped down for bubbly bathtub shots The Awkward Family Photos ...