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France plans 75% tax rate for rich

Posted on: Aug7 2012 | Leave A Comment

(N.Y. TIMES) PARIS — The call to Vincent Grandil’s Paris law firm began like many others that have rolled in recently. On the line was the well-paid chief executive of one of France’s most profitable companies, and he was feeling nervous.

Some rich citizens have already left. In recent years, the actress and model Laetitia Casta, the chef Alain Ducasse and the singer and actor Johnny Hallyday all moved away to avoid high taxes.

President François Hollande is vowing to impose a 75 percent tax on the portion of anyone’s income above a million euros ($1.24 million) a year. “Should I be preparing to leave the country?” the executive asked Mr. Grandil.

The lawyer’s counsel: Wait and see. For now, at least.


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