Back in May of this year, Save Jerseyans, I referred to France as the “new” New Jersey.
Not owing to a spike in Franco-Springsteen CD sales. Au contraire! I was simply observng how “the specter of a new tax rate of 75% on income above €1m sparked an uptick in French inquires into trans-channel relocations.”
Sure enough, as 2012 winds down, French celebrities are fleeing France in droves in search of comparatively friendly tax climates.
New Jersey lost 4,000 millionaires when its own (and frankly relatively modest) millionaire’s tax took effect. I can only imagine the revenue which France stands to lose.
But the French President remains indignant despite the clear history and warning signs… just like him fellow partisans over here in New Jersey. It’s hard to say whether anyone advocating tax hikes to avert the fiscal cliff has read a financial publication in the past decade.
All that’s clear, Save Jerseyans, is the inevitability of economic désastre.
