From France24.com:
AFP – A flood of top-end properties are hitting the market as businessmen seek to leave France before stiff tax hikes hit, real estate agents and financial advisors say.
“It’s nearly a general panic. Some 400 to 500 residences worth more than one million euros ($1.3 million) have come onto the Paris market,” said managers at Daniel Feau, a real-estate broker that specialises in high-end property.
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 France’s new Socialist President Francois Hollande 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.
No surprise there.
What you can expect in Obama’s second term.
Both Hollande and Obama believe it is the duty of businesses and business owners to lose money in order to ensure some kind of mentally-deficient “parity” with all. Profits still continue to = “bad.”
If you really want businesses to pull out and land in some other nation yielding some kind of modern-day “Atlas Shrugged,” then keep on pushing, Socialists. You won’t be far from your wishes. For when you throttle the motor of business you also halt the motor of freedom.
BZ
Away they ride, did anyone expect the Super rich to stay? I did not.
And away they will ride here, should we follow suit. Couldn’t blame them a whit. Besides being arrogant, apparently the Obama Administration doesn’t read much.
BZ
They are leaving in the same manner they are leaving the state of CA.
Something that bugs me is the Obama rebuttal to Romney at the masacre in Denver. Obama stated that Romney’s plan wouldn’t decrease the deficit. Because it would only get a drop in the bucket.. Obama’s plan is to tax the rich more to pay for gov. subsidies… As EVERY ECONOMIST has said that is a very small drop in the bucket and wouldn’t reduce the deficit. So… NOW? Obama’s entire campaign is based on ONE economist at princeton who now says ROMNEY’S PLAN WOULD WORK! OUCH… So we have two options. France or Romney…I’ll take Romney.
As you so properly point out, businesses and wealth are fleeing Fornicalia at an exponential rate.
You could squeeze every bit of juice from every millionaire in the US and it wouldn’t amount to a shot-glass’s worth of piss in the overall scheme of TRILLIONS owed.
BZ
And as the rich flee California, Texas gains wealth and business… Kinda funny what a Conservative, pro-business state can do isn’t it?
I can clearly remember when Governor Perry came to Fornicalia solely for the purpose of attracting business. Can’t say as I blame him. We’re a target-rich environment for those wanting to flee.
BZ
Don’t like the rich. Part envy, part resentment for the way they invade rural areas and diminish a way of life. That said, they drive growth and jobs. Taxing them out of existence is like eating your crop seeds. Who can blame them for using their plentiful resources to save their wealth?
WSF, these are different times. We’re no longer an agrarian culture. We simply aren’t. And we have too damned many people to feed by way of Mom N Pop farms. Too much government, too many regulations. We kill Business, we kill ourselves.
BZ
Your right, of course. Trying to be clever with “crop seed” as in, without capital you can’t grow a business just as you can’t grow crops without seed.
Sorry; I’m running on a few hours sleep! ;^)
BZ