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

Mohammed Emwazi: 'Jihadi John was my best worker', IT boss of Isis militant says

The British graduate unmasked in reports as the Isis executioner known as Jihadi John was a model employee, "calm and decent" and "very good with ...

Rebekah Brooks: Former Sun and News of the World editor reportedly poised for News Corp return as Storyful boss

Rebekah Brooks, the former editor of the now-defunct tabloid News of the World and the Sun and a much trusted lieutenant of Rupert Murdoch, may ...

Warren Buffett: I know who's taking over as Berkshire Hathaway CEO - but I'm not telling

Warren Buffett, the 84-year-old Sage of Omaha, has identified his successor, but is not telling anyone who it is yet. In his 50th annual letter to ...

Business Secretary Vince Cable warns interest rate rises could hit Londoners

Homeowners in London could be “very badly exposed” if the Bank of England raises interest rates in the coming years, the Business Secretary, Vince Cable, ...

Civil Aviation Authority rejects advice to reform board

Britain’s aviation regulator has rejected a proposal to overhaul its board structure in order to improve corporate governance, as recommended by the Big Four accountancy ...

Week Ahead: After the bloodbath at Standard Chartered investors are prepared to be disappointed

Just how bad will the damage be for Standard Chartered? After the boardroom bloodbath this week, investors are prepared for disappointment when the emerging markets ...

Sports attractions fuel capital's hotel boom

London is in the midst of a hotel boom as a growing economy and events such as this year’s rugby World Cup push occupancy rates ...

David Prosser: Small businesses hold the key to raising Britain's productivity

Improving productivity is the next big challenge for the UK’s economic policymakers. It represents an opportunity to confront one of the most awkward questions facing ...

End of the licence fee: BBC to back radical overhaul of how Corporation is funded

The BBC will back a radical overhaul of the licence fee, paving the way for the end of the current system of funding the state ...

End of the licence fee: BBC to back radical overhaul of how it is funded

The BBC will back a radical overhaul of the licence fee, paving the way for the end of the current system of funding the state ...