France's Wealthy On Edge as Tax Hike Looms

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Uneasiness over a proposed tax increase on the wealthy in France is continuing.

Upon his recent election, socialist President Francois Hollande vowed to impose a 75 percent tax rate on those making more than a million euros ($1.24 million).

That promise has caused many of the country's wealthiest residents to move away.

Hollande said the tax hike is to "get the country back on its feet again," but financial experts warn the plan could do more harm than good as high earners take their money elsewhere.

"Even young, dynamic people pulling in 200,000 euros are wondering whether to remain in a country where making money is not considered a good thing," French tax law attorney Vincent Grandil said.

He added that many companies are now looking at moving their high-paid executives out of France to avoid the new tax.

One real estate manager in Belgium called the tax idea "ridiculous" for France, but good for his country. He anticipates people, and businesses, will move to Belgium, create jobs, and spend money in the neighboring country.

Parliament will address the 75 percent income tax rate in September.

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