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Almost a year ago, the French constitutional court ruled against Francois Hollande's triumphal blast into socialist wealth redistribution, with his proposed 75% tax rate on high earners, and so indefinitely delayed the exodus of the bulk of French high earners into more tax-hospitable climes. That delay is now over, when earlier today the same court approved a 75% tax on all those earning over €1 million. The proposal passed after the government modified it to make employers liable for the 75% tax. As BBC reports, the levy will last two years, affecting income earned this year and in 2014.
Hollande, who once said he “didn’t like” the rich, announced the 75 percent tax in February 2012 as part of his presidential campaign to appeal to his Socialist base. It has become a symbol of his government’s record-high taxation rate.
As well as the spacious Paris apartment Hollande owns a palatial villa in Mougins, the prestigious hill-top Cannes suburb where the artist Pablo Picasso used to live.
It is valued by the Official Journal at €800,000 (£642,000), and is just a short drive from Hollande's two flats in the Cannes. They are each priced at €230,000 (£185,000) and €140,000 (£112,000).
Hollande has promised to cut his pay by 30 per cent after he is officially sworn in as President next week, but he will still be on €156,000 (£125,000) a year, plus fabulous expenses and other perks. Link
Wow, I am all for taxing the ultra wealthy (1%) at those rates. Someone that only makes a million a year though? Kinda steep...... So yes there will be an exodus of wealthy leaving. For what it is worth If I remember right the tax rate was right about 50% already. They do get a lot for their money though. Like Healthcare......
With the EU free border policy I wonder how long it's going to take before there's an exodus to more tax friendly locations?
personally I think the destructive power of the Oligarchs in Western Society is severe enough to curb through means such as this.