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Rich in France Plan to Flee as 75% Income Tax Looms

Ted in California Wrote: Aug 08, 2012 11:23 AM
Respectfully, the state spends way too much money. California property owners, businesses, workers, and consumers are burdened with some of the highest tax rates in the country. Raising our taxes will not fix the budget problems in California. Our state's government is highly inefficient, which is evident by the fact that large state agencies, such as Parks and Rec, can "discover" $54 million in funds they didn't know existed. Higher taxes won't fix the spending problems we have. They will push more wealth out of the state and create even more "revenue" problems in the future.

When France elected Socialist President Francois Hollande earlier this year, most of America looked over and said, "Good luck, idiots." Now, France's richest people are making plans to flee the country as Hollande plans to implement a 75 percent "rich" tax. Those so called rich people also happen to be the economic engine that drives the French economy through business and job creation. If the rich go, so does the economy.

“We’re getting a lot of calls from high earners who are asking whether they should get out of France,” said Mr. Grandil, a partner at Altexis,...