France is quickly becoming one of the poorest countries in Europe, suffering brain drain and the exodus of financial capital – and the United States would be wise to take notice.
“It’s pretty tough to be successful in a nation where the president says he doesn’t like rich people, and where the taxes keep going higher and higher,” CBN News’ Dale Hurd said of France’s deteriorating state in a report last week.
French tax lawyer Jean-Philippe Delsol told CBN that tax laws are changing so rapidly, it’s difficult for businesses to plan ahead.
The French have had it, journalist Anne Elisabeth Moutet said, and the best and brightest among the wealthy are fleeing the country and its assault on the affluent.
“It’s the rich, it’s the entrepreneurs, it’s the young, who say, ‘I will leave,’” said Moutet, who created controversy in a Telegraph article last year when she reported poll results, saying:
More than 70 per cent of the French feel taxes are “excessive”, and 80 per cent believe the president’s economic policy is “misguided” and “inefficient”. This goes far beyond the tax exiles such as Gérard Depardieu, members of the Peugeot family or Chanel’s owners. Worse, after decades of living in one of the most redistributive systems in western Europe, 54 per cent of the French believe that taxes – of which there have been 84 new ones in the past two years, rising from 42 per cent of GDP in 2009 to 46.3 per cent this year – now widen social inequalities instead of reducing them.
“It’s not only that people don’t like to be treated like criminals just because they’re successful,” Moutet said her French banker friend told her after moving to London. “But this uncertainty in every aspect of the tax system means it is impossible to do business. You don’t know what your future costs are, or your customer’s. You can’t buy, you can’t sell, you can’t hire, you can’t fire.”
Delsol warned that he United States is following a similar path with Obamacare and an unsustainable welfare state.
Watch the report here via CBN:
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