How does French President François Hollande know when he’s raised taxes too high? Perhaps when his predecessor makes plans to leave the country to avoid paying them.
Francois Hollande’s proposed tax increase on the rich is proving so onerous that former president Nicolas Sarkozy is reportedly planning to move himself and his money to London.
In so doing, he will join the ranks of other famous French citizens, like Gerard Depardieu, who have fled France to escape Hollande’s socialist reach as well.
In December 2012, France’s Constitutional Council threw out Hollande’s 75% income tax rate on France’s top earners, ruling it was unconstitutional for applying only to individual earnings. The ruling Socialist Party vowed to rewrite the law and pass it again.