A month ago, in the face of proposed tax hikes on French millionaires, we offered Manhattan as a superior shelter to Brussels, Geneva or London—and indeed, the dodge looks all the better now that European vacations ended and the region has resumed falling apart.
Well, France’s new tax law is no longer just an unappealing prospect (e.g. the lawsuit to end foie gras production in New York state), but a cold reality (the recent ban in California), as Socialist President Françoise Hollande announced a new budget today, placing a 75 percent on million-euro earners. The Wall Street Journal has some details:
The budget increased the top marginal income-tax rate to 45% from 41%, and detailed plans for a special tax on incomes above €1 million ($1.29 million) a year, with 1,500 individuals paying an overall rate of 75%. They will pay on average €140,000 more in taxes next year, the government said.
In light of which, we’d like to roll out the welcome mat again, with the same set of stipulations.