President Francois Hollande's Socialist government unveiled sharp tax hikes on business and the rich on Friday in a 2013 budget aimed at showing France has the fiscal rigor to remain at the core of the euro zone.Anyone want to take bets on the over/under of moneys actually collected by the new tax rates? I want the under, with a side bet on the rate of higher-income individuals moving out of French taxing jurisdiction.
The package will recoup 30 billion euros ($39 billion) for the public purse with a goal of narrowing the deficit to 3.0 percent of national output next year from 4.5 percent this year - France's toughest single belt-tightening in 30 years.
UPDATE 10/07/12: Rich businessmen pulling out of France as tax-hit looms Yeah, who could've seen that coming?
UPDATE 10/16/12: French business erupts in fury against "disastrous" François Hollande
France is sliding into a grave economic crisis and risks a full-blown “hurricane” as investors flee rocketing tax rates, the country’s business federation has warned.