New Socialist PM of France Wants 75% Taxes on the Wealthy
Francois Hollande was elected the new Prime Minister of France. He's a socialist. And Obama immediately congratulated his win.
He wants a 75% tax on the very wealthy in his country. If someone is making a lot of money in France, then they are producing a product or service that is desireable. They should be encouraged to grow and hire more people to fix the economy. Not taxed out of commission!
President François Hollande is vowing to impose a 75 percent tax on the portion of anyone’s income above a million euros ($1.24 million) a year. “Should I be preparing to leave the country?” the executive asked Mr. Grandil.
The lawyer’s counsel: Wait and see. For now, at least.
“We’re getting a lot of calls from high earners who are asking whether they should get out of France,” said Mr. Grandil, a partner at Altexis, which specializes in tax matters for corporations and the wealthy. “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 75 percent tax proposal, which Parliament plans to take up in September, is ostensibly aimed at bolstering French finances as Europe’s long-running debt crisis intensifies.
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