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Hollande tried to do this in France (75% effective rate on earnings above a million Euros). Even his staunchly socialist regime had to admit its failure and ab
by cbeach 2y ago
Hollande tried to do this in France (75% effective rate on earnings above a million Euros).
Even his staunchly socialist regime had to admit its failure and abruptly reverse course in 2014, two years later. The tax raised just €260m in 2013 and €160m in 2014…. But caused an exodus of wealth and job creators
- Teever 2y agoWhere did they go to? And did they end up coming back?
- robocat 2y agoArticle "Old Money, New Money Flee France and Its Wealth Tax": https://archive.is/Q0ETI https://archive.is/Q0ETI has examples Belgium and the UK. Payre built a successful high-tech company. Payre said the French government sent him a tax bill of nearly $2.5 million on paper assets he couldn't cash in. Payre moved his family to neighboring Belgium. Payre started a new company in Brussels that he said did nearly $32 million Taittinger, who helped create the champagne label, said the French tax system not only helped force the sale of his family company but scattered the 38 family members involved in the corporation. "Half of my family left France because of taxes," said Taittinger. "They now live in England, Belgium and other countries where they were warmly welcomed -- unlike here." Eric Pinchet, author of a French tax guide, estimates the wealth tax earns the government about $2.6 billion a year but has cost the country more than $125 billion in capital flight since 1998. [I've abridged the comments above] Harder to judge the value of talent flight versus capital flight. Anecdotally here in New Zealand I see smart gritty kids emmigrate, and we attempt to import other smart gritty people to replace them.