Because it turns out the wealthy may not leave in droves after all.
We were expecting an exodus. A wave of livid high-income Parisians leaving for Belgium, Switzerland and Luxembourg and anywhere else the Hollande government couldn’t expropriate them of their hard-earned cash. Gérard Depardieu was only the most high-profile Frenchman earning more than a million Euros (the threshold for the tax) who was expected to revolt against what was viewed by the right-wing opposition as an unsustainably high rate of income tax by taking his residency elsewhere.
Now, at the one-year anniversary of Hollande’s election, it turns out the millionaires for the most part decided to stick around. Continue reading