August 08, 2012 at 10:36 AM EDT
Will Rich People Really Flee France If Taxes Skyrocket?
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.
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