This sounds depressingly familiar

Entrepreneurs and millionaires flee France as taxes reach confiscatory levels.

“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.”

Rosenblum — who says he’s leaving France with his wife and two little children this month to open a new business in a country he won’t disclose — is among people fleeing a slew of levies announced by Hollande since the Socialist president was elected in May. The 75 percent millionaire tax was followed by new levies on capital gains, an increased tax on income and wealth, a boost to inheritance charges and an exit tax for entrepreneurs selling their companies.


Delmer, who founded Business Booster Ltd. 12 years ago, said his clients include only about two or three millionaires a month. Most of them are young French entrepreneurs who want to get away from their country’s stifling business climate, he said.

“They want to escape France’s tax red-tape, escape the crappy attitude toward those who are successful, get lower corporate taxes and be in a place with a better reputation than Paris,” he said.

They are the kind of people France needs at home to create jobs as it grapples with anunemployment rate that’s at a 14- year high.

“Hollande has created a system where profits, wealth and most of the money gets sucked up by the state to fund bottomless public finances,” de la Villardiere said. “Instead of looking for creative, new options to spur growth, they went with old recipes that have reached their limit.”

Perhaps in France but here in America we’ve just accelerated the recycling process, the direct result of a fatal alliance “between Ph.Ds and victims”.

At one level Mr. Obama’s silence reveals the exhaustion of the progressive agenda, of which his presidency is the spiritual culmination, Mr. [Harvey] Mansfield says. That movement “depends on the idea that things will get better and better and progress will be made in the actualization of equality.” It is telling, then, that during the 2012 campaign progressives were “confined to defending what they’ve already achieved or making small improvements—student loans, free condoms. The Democrats are the party of free condoms. That’s typical for them.”

But Democrats’ refusal to address the future in positive terms, he adds, also reveals the party’s intent to create “an entitlement or welfare state that takes issues off the bargaining table and renders them above politics.” The end goal, Mr. Mansfield worries, is to sideline the American constitutional tradition in favor of “a practical constitution consisting of progressive measures the left has passed that cannot be revoked. And that is what would be fixed in our political system—not the Constitution.”


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10 responses to “This sounds depressingly familiar

  1. The Mickster

    Apparently, Ireland, with it’s low corporate tax base is where it’s all at now. The number of major internationals parking $$$ here reads like a Who’s Who. Apple, Microsoft etc etc. Latest is someone who reportedly made $100M last year:

  2. Al Dente

    It seems obvious to me that as long as free will exists the socialist system will not work. People will take their ball and go home.

  3. Balzac

    Fully 82% of new hires in France are internships and temp jobs, says the NY Times. The cause: rigidity of labor markets (union representation is quasi-compulsory, even in white-collar). And the payroll taxes for government health care, unemployment and pension are crushing. Not to mention the economic penalty for laying off an employee, which is about half to a full-year’s pay. These penalties for subtracting an employee naturally dissuade companies from adding any.

    Voila! Le socialisme. Coming soon to our country!

  4. Publius

    It is not just the French that are unpatriotic, those darn Brits have the same attitude.

  5. Cobra

    “The Democrats are the party of free condoms…” directly relates to what they’re doing to our country, and not via a frontal assault.

  6. Fred2

    “Coming soon to our country!” Too late, already here.

  7. AndyD

    You have it all wrong, Eddie Lampert moved from Greenwich to Florida this year solely because he liked the weather and senior citizens…nothing to do with taxes and Malloy’s latest increase…

  8. Georgie

    Our friends at the NY Times love to talk out of both sides of their mouths….do as I say, not as I do:

    NY Times Offers 30 Buyouts, Layoffs Expected

    By Alexander C. Kaufman | The Wrap – 27 minutes ago
    The New York Times said Monday that it hopes to slash 30 managers and nonunion employees and offered buyouts to newsroom employees, weeks after agreeing to a new contract with the Newspaper Guild.

    The cuts would be the most extensive since the newsroom slashed 100 jobs in 2008. It also cut 20 jobs last year.

    In a letter to the staff, executive editor Jill Abramson urged 30 managers who are not members of the union to accept severance packages and said the paper is cutting back on expenses, like leases on foreign and national bureaus, the Times reported.

    Hiring on the digital side in recent years had replenished the newsroom staff to about 1,150 people — about as many as the Times employed in 2003. Abramson said the paper has trimmed more than 60 percent of its business side staff, recently offering 30 buyouts in the advertising department.

    “There is no getting around the hard news that the size of the newsroom staff must be reduced,” Abramson wrote in the letter. “I hope the needed savings can be achieved through voluntary buyouts, but if not, I will be forced to go to layoffs among the excluded staff.”

    At least one department was spared. Andrew Rosenthal, the editorial page editor, wrote in an email to the staff that “we, too, have made reductions to our expenses to meet our share of this burden, but we are not going to be offering buyouts in the Editorial Department at this time.”

    The Times ratified a new contract with its unionized employees last month after months of heated negotiations as guild members insisted on pay increases and preserved pension plans.

    It remains unclear whether the cost of the new contracts prompted the job cuts. A Times spokeswoman told TheWrap that the newspaper’s union requested that guild employees be able to apply for buyouts.

    The Boston Globe, which is owned by the Times and is the flagship of its New England Media Group holding, offered more than 50 buyouts in July. Departure emails at the Boston paper trickled in to the company’s mass inbox as recently as two weeks ago.

    The buyout offers are valid until Jan. 24.

  9. Dollar Bill

    There’s nothing like free money for bankers, and tax cuts for the Big Money Boyz to get our economy going again. Also, let them take away the Social Security monies. What could possibly go wrong?