Over the past 15 years, France’s tax on the wealthy has resulted in a capital flight of 35 billion euros ($41 billion). 10,000 wealthy have left the country over it, which currently applies to personal assets of more than 1.3 million euros. Noting the substantial loss, France will amend their budget so that the tax will be levied only on real estate, thereby exempting “other forms of wealth such as shareholdings in companies” in the coming year.
I wrote about this phenomenon as it was happening in 2014. It bears repeating once again: high taxes drive away citizens who wish not to hand over to the government the money they have saved and earned — just to see it misspent and frittered away.