It appears that my predictions for France after electing a socialist president are coming to fruition. As promised the new administration in France is hiking taxes on the wealthy and, as I predicted, the wealthy are fleeing the country in droves:
France’s luxury property market has hit a selling ‘panic’ as millionaires rush to flee the socialist government’s looming tax hikes, a leading estate agent has revealed.
More than 400 Paris homes worth more than €1million have been put on the market since President Francois Hollande came to power in May – more than double the same period last year.
Many of France’s super-rich want to escape to ‘wealth-friendly’ countries like Britain, Switzerland and Luxembourg.
Why would anybody want to live in a country where three quarters of your labor is stolen by the state?
France’s new tax scheme depend on the wealthy staying in the country so I’m predicting some kind of emigration control will be implemented in that country soon (either through an exit tax or a decree requiring anybody leaving the country to get the French government’s permission first).