Soaring French Taxes Drive Entrepreneurs To Exit
Totally unexpected, of course
Jean-Emile Rosenblum, a 34-year-old e-commerce businessman, is quitting France.
With President Francois Hollande's government readying a vote this month on its first annual budget law that seeks to raise 24.4 billion euros ($31.7 billion) in additional taxes, some of France's entrepreneurs and wealthy are heading for the door. Hollande's hitting businesses and individuals with at least a dozen new measures, including a 75 percent levy on income of more than 1 million euros, to narrow the budget gap.
"France is no longer a sexy place to be," said Rosenblum, founder and former owner of Pixmania, an online seller of computers. "To attract and keep business and jobs you have to put on your best face, especially in tough economic times. With all the costs, the taxes and the social pressure, France looks more like an old maid to me."