Rich Flee France

November 23, 2012   |  

 

Socialism and high taxes are guaranteed to result in capital flight as businesses and folks with money flee nations that have embarked on a plundering redistributionist rampage. The French economy will spiral downward into even greater misery.

Rich Flee France, The Future of Capitalism

From an article in the real estate section of today’s Wall Street Journal:

A spate of proposed tax hikes is leading hundreds of wealthy French to consider leaving the country and putting their homes on the market, real-estate agents say….Several high-profile businessmen have already packed their bags. Former L’Oréal Chief Executive Lindsay Owen-Jones has taken up residence in Lugano, Switzerland. Belgium now counts Amaury de Sèze, who served as chairman of supermarket giant Carrefour, as a local. Nicolas Chanut, founder of French investment advisory firm Exane, moved to London.

It’s only a matter of time before the French react by proposing some Reichsfluchsteuer-style exit tax.

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