24/7 Newsfeed

Put Reason 24/7 on Your Site


Follow Reason 24/7 on Twitter and via RSS

Report: French Taxes and Regulations Have Killed One Million Jobs

France's repressive tax regime has sent entrepreneurs fleeing abroad and lost the country up to a million jobs, a damning new report has revealed.

Tax hikes and employment regulations imposed by left and right wing governments over 20 years meant there were now 60,000 French businessmen abroad employing around 16 people each.

The figures were released amid a flood of wealthy French quitting France this year to avoid a looming socialist tax of 75 per cent on all earnings over one million euros - about £850,000.

Film star Gerard Depardieu, the Mulliez family who own the Auchan supermarket chain, electronic music icon Jean-Michel Jarre and France's richest man Bernard Arnault have all quit France in the past six months.

Now research by the think-tank Concorde has found that three percent of the two million French living abroad now own companies and if they had not left there would one million more people in work in France.

Source: Daily Mail. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.