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Europe

Businessmen pulling out of France as tax-hit looms

2012-10-09

While it is not yet on the scale of the exodus of rich French after the election of Socialist president Francois Mitterrand in 1981, real estate agents said, the tax plans of La Belle France's new Socialist President Francois Hollande
...the Socialist president of La Belle France, and a fine job he's doing of it...
are having a noticeable effect.

While the Socialists' plan to raise the tax rate to 75 percent on income above 1.0 million euros per year has generated the most headlines, a sharp increase in taxes on capital gains from the sales of stock and company stakes is pushing most people to leave, according Didier Bugeon, head of the wealth manager Equance.

French entrepreneurs have complained vociferously against a proposal in the Socialist's 2013 budget to increase the capital gains tax on sales of company stakes, which they argue will kill the market for innovative start-up companies in La Belle France.

Entrepreneurs in the high-tech sector in particular often invest their own money and take low salaries in the hope they can later sell the company for a large sum.

They say a stiff increase in capital gains tax would remove incentives to do this in La Belle France. They also argue that capital has already been taxed several times in the making.

Posted by:Fred

#8 OOOOOOOOO, you can just hear wily MARLON "THE GODFATHER" BRANDO telling scion Michael - "...But I didn't know until tonite it was BIG BIRD all along".

Even in France, no one evar! suspects LE BIRD!

Posted by: JosephMendiola 2012-10-09 21:42

#7 They can call it the Camembert Curtain.

Or Brie Barricade.

Posted by: JohnQC 2012-10-09 15:18

#6 According to what I've read, Canada is #3 behind Belgium and England as destinations, Canada being specifically Quebec.

Posted by: ed in texas 2012-10-09 15:17

#5 If Canada was smart they'd make it very favorable for these rich folks to move to Quebec.

Posted by: rjschwarz 2012-10-09 14:30

#4 You might think, if you were president of the United States, that it might be beneficial for this country to encourage these wealthy French businessmen to immigrate here. They would be France's loss and our gain. I mean, these are the kind of industrious, wealthy, entrepreneurial people who could help our economy much more so than millions of poor peasants from Third World countries and religious whackos from Pakistain. That would be logical, would it not?

Posted by: Ebbang Uluque6305 2012-10-09 11:36

#3 Next step is to pass a law against leaving. They can call it the Camembert Curtain.

Posted by: Fred 2012-10-09 09:35

#2 Naah, He'll only say"It's the fwench."

Posted by: Redneck Jim 2012-10-09 06:33

#1 Strange how that works. Taxes go up on businessmen, the businessment and jobs go elsewhere. Perhaps our Champ should take note.

Posted by: Besoeker 2012-10-09 05:04

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