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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
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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.

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