Will Rich People Really Flee France If Taxes Skyrocket?
Posted on August 08, 2012 at 10:36 AM EDT
French president Francois Hollande wants to go back to the future on taxes. When running for the job he eventually won, Hollande famously proposed a marginal tax rate of 75 percent on income above Euro1 million per year. The usual outcry ensued. Progressives argued it was only fair while those on the right - and those who would be impacted - made noise about fleeing France. Despite cries the rich are bluffing on their threat to say 'au revoir, Paris,' it appears that may actually happen.