This is what happens when you punish success in some vein attempt at “getevenwithemism” so that the far left feels like it got it’s pound of flesh. But now those wealthy and productive will not be spending money in France, they will not have new investment in France, they will not be buying local goods and paying local taxes in France, they will not start new business in France. They passed this tax rate and they will take in less money as a result.
By the way, the same thing is happening in America – LINK.
The latest estate agency figures have shown large numbers of France’s most well-heeled families selling up and moving to neighbouring countries.
Many are fleeing a proposed new higher tax rate of 75 per cent on all earnings over one million euros. (£780,000)
The previous top tax bracket of 41 per cent on earnings over 72,000 euros is also set to increase to 45 per cent.
Sotheby’s Realty, the estate agent arm of the British auction house, said its French offices sold more than 100 properties over 1.7 million euros between April and June this year – a marked increase on the same period in 2011.
Alexander Kraft, head of Sotheby’s Realty, France, said: “The result of the presidential election has had a real impact on our sales.
“Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government.