Atlas is Shrugging in France: High Earners Prepare to Depart

The U.K. Telegraph reports that the affluent of France are preparing to depart their new socialist president and move elsewhere, mainly to England.  Just as in "Atlas Shrugged," those capitalists who are robbed of their production by socialist greed will simply move their wealth, their productivity, their jobs and their tax revenues, elsewhere.  Atlas is shrugging in France.

The Telegraph reports:

Mr Hollande plans to implement a 75pc tax rate on earnings over €1m (£800,000), on top of a 45pc rate for people making €150,000 or more. He is also expected to raise "wealth taxes" on property assets and end his predecessor's tax incentives to lure bankers back home.

In addition, France's high earners feel increasingly unwelcome in a country now led by a man who has admitted: "I don't like the rich." So where are they looking? London. It comes as no surprise – while Hollande prepares to raise taxes, over here David Cameron is cutting the 50pc tax rate for income above £150,000 to 45pc.

Read it all here.