Earn over a million euros in France next year or the year after, and you can expect three quarters of the excess to go to the government.
Which is why Bernard Arnault, head of luxury empire LVMH and France’s richest resident, is asking for a Belgian passport. Talk abounds of a rush of French tax exiles to friendlier havens. In the age of high-speed trains and Internet, the CFO of a French-based company can easily work from Brussels or London.
The reason for the tax hike is to give the French government political headroom to slash spending. Not such a bad idea.