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
One of the richest towns in Britain also has the highest number of people having extramarital affairs, according to new research. Wealthy Maidenhead tops a new ... Full story
A trainee teacher hanged himself on New Year’s Eve after a split from his girlfriend, an inquest heard today. Keiran Walsh, 22, split from his partner ... Full story
Late on a dark and rainy night, it is all go-go-go down at White Dee’s house in Birmingham. There is a pan of fish stew ... Full story
Rate this article
MOST POPULAR ON CAPITALBAY
- David Moyes could be set for massive £10million pay-off after being sacked by Manchester United
- David Moyes sacked live - news and reaction as Manchester United fire boss
- 22 April 2013: Manchester United sealed a 20th league title after beating Aston Villa... now they've sacked David Moyes
Pictured: Skydiver, 49, who plunged to his death landing in a family's yard during an Easter egg hunt after his parachute failed
Arkady Shenker, 49, of Brooklyn, died after his parachute failed during a skydive on SundayShenker, an experienced skydiver, landed in the backyard of a New ...
Entire town duped by mother who raised thousands pretending to have cancer - and even conned her own mom
Mindy Taylor, 35, of Chillicothe, Ohio convinced her friends, neighbors, college buddies, co-workers and even her husband that she had cancerThe mother of a 7-year-old ...
You must be nuts! Parents' anger at Tesco for labelling too many products with 'may contain nuts' in over-cautious policy
Tesco labels 'butternut squash, potatoes, fruit juice' with warningIt has been accused of being over-cautious with the allergy policyOver 12,500 people have signed petition calling ...
By Daily Mail Repoter Published: 03:33 GMT, 22 April 2014 ...
Detroit men in court and ordered to trial for beating white motorist who accidentally hit black child
Four men have been ordered to stand trial on attempted murder chargesStephen Utash, 54, was attacked as he pulled over to check on a child ...
'I flew too close to the sun and spun out of control': Playboy fraudster jailed for stealing $20million from Hollywood A-listers reveals how his wild living and drug-fueled orgies inspired pal Leo's Wolf of Wall Street
Investment adviser Dana Giacchetto lived a life of celebrity excess in the late 1990s out of his Manhattan penthouseHe was best friends with Leonardo DiCaprio ...
Trainee lawyers will be there to 'hold the hands' of divorcing couplesHalf of couples divorce without lawyers as they're not eligible for legal aid Network ...
CEO of social network GitHub resigns after he and his wife are investigated for workplace harassment and bullying
Tim Preston-Werner resigned on Monday from GitHub, a programming network used to share software codesHe and his wife Theresa were under investigation for harassmentWhile internally ...
By Candace Sutton In Uluru Published: 02:58 GMT, 22 April 2014 ...
Bafta-winning actress Brenda Blethyn - whose parents were a chauffeur and a maid - criticises Downton Abbey for 'glamorising' life in domestic service
Star said she knew poverty of those 'below stairs' as a servants daughter She admitted that she loved the show but it had been a ...