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
Datto Inc has been revealed to have stored Hillary Clinton's emails - which contained national secrets - when it backed up her private server It claims ...
Feline follows the window cleaner as he washes the glass with his spongeThe cleaner begins laughing and tapping the window with his wiping bladeHumorously the ...
Police knew Brittan had not met rape 'victim' when they interviewed him after Tom Watson intervened in investigation
Officers knew Brittan was not at 1967 party claimed by victim 'Jane'Case was thrown out in 2013 but Tom Watson intervened a year later Labour MP ...
Two Israelis die in latest Jerusalem carnage: One person is stabbed to death in the street while another is killed in bus gun attack
WARNING: GRAPHIC CONTENT Two attackers stabbed and shot people on a bus in the city, killing oneAnother person was killed during a stabbing at bus stop ...
Uber boss takes a swipe at Australian critics who say the ride-sharing app is dangerous - and claims no one has bothered to find out the company's safety procedures
Uber Australia claims governments are ignoring the app's safety recordUber General Manager David Rohrsheim made the comments on Tuesday Mr Rohrsheim said more than 6000 hours ...
Boy, six, left almost blind and covered in blisters after his body 'burnt itself from the inside out' in a million-to-one allergic reaction to antibiotics
WARNING: GRAPHIC CONTENT Declan Bitmead-Ellis suffered rare condition after taking amoxicillinBody developed blisters and he slipped in and out of consciousnessDoctors told parents he might die ...
Greedy carer who stole 'priceless memorabilia' from 102-year-old goddaughter of Fred Astaire is jailed for three years
Marva Damalie stole showbiz memorabilia from Fred Astaire's goddaughterShe was the carer for 120-year-old Eileen Pattison and also stole her cashDamalie also drained £41,000 from her victim's ...
Doomed flight MH17 was shot down by a Russian-made BUK missile fired from rebel-held territory in eastern Ukraine, Dutch investigators are set to rule
By Simon Tomlinson for MailOnline Published: 03:25 EST, 13 October 2015 | Updated: 03:42 EST, 13 October 2015 ...
Ally Hilfiger suffered with the debilitating illness for 14 years undiagnosedChronic fatigue and body pain eventually discovered as Lyme diseaseTouching body felt like 'being hit ...
LA School District has banned crews from filming in city's high schools Came after it emerged a porn movie was shot at Hamilton High School 'Revenge of ...