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The French contemplate the results of President Hollande’s tax policy

figaroI was in France last week and saw this poster advertising the latest issue of Figaro magazine.  The story tells of the departure from France of high achievers and entrepreneurs, stymied by the weight of taxes and regulations that stand in their way if they remain.

New York is the preferred point of falling young professionals, as Bastien, who just opened a trendy French canteen in Manhattan. “Paris is great for holidays but not for work, he said. In New York, there emerges an incredible individual energy. We watch people walking and we want to walk with them. We want to be in on the ring in the fight. “

They are also flocking to London and Brussels.  A recent survey showed that 27% of graduates are considering a future career outside France. This is twice as many as last year.  They think of maybe spending 10 or 15 years abroad before returning, but will they? A recent survey showed that 40% of French working abroad do not want to return to France. And 82% want a “change of mentality” first, including “a new tax, social and political climate.”

So the question Figaro poses, “Why are they leaving France?” is answered by the reply, “because of what is happening there and because of what the government is doing.”

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