Entrepreneurs Push Back Against French Government Over Capital Gains Taxes
François Hollande's Socialist government is facing a new tax revolt – this time not from big business protesting against the president's 75 per cent income tax band but in the form of a viral online campaign by small French entrepreneurs furious about a jump in capital gains taxes.
Calling themselves "the Pigeons" – French slang loosely translated as "the fall guys" – a group of internet entrepreneurs took to social networking sites to voice their opposition to the measure within hours of its announcement in last Friday's 2013 budget.
The cause of their ire is the government's plan to tax capital gains at the same rates as earned income. Jean-David Chamboredon, chief executive of ISAI, a venture capital fund, and leader of an investors' lobby group called France Digitale, said the result in some cases would be a jump in the effective marginal tax rate to as high as 60 per cent from 32 per cent for investors and entrepreneurs selling out of a business.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments 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 and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?