Since the arrival of Socialist President François Hollande in 2012, income tax and social security contributions in France have skyrocketed. The top tax rate is 75 percent, and a great many pay in excess of 70 percent.
As a result, there has been a frantic bolt for the border by the very people who create economic growth – business leaders, innovators, creative thinkers, and top executives. They are all leaving France to develop their talents elsewhere.And it’s a tragedy for such a historically rich country. As they say, the problem with the French is they have no word for entrepreneur. Where is the Richard Branson of France? Where is the Bill Gates?“Do you see that man in the corner? I’m going to kill him. He’s ruined my life!”This angry outburst came from a lawyer friend who is leaving France to move to Britain to escape the 70 percent tax he pays. He says he is working like a dog for nothing – to hand out money to the profligate state.The man he was pointing to, in a swanky Japanese restaurant in the Sixth Arrondissement, is Pierre Moscovici, the much-loathed minister of finance. Moscovici was looking very happy with himself. Does he realize Rome is burning?
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