Via Don Boudreaux, excerpt:
On average, at least one millionaire leaves France every day to take up
residence in more wealth-friendly nations, according to a government
[France’s] wealth tax — officially called the solidarity tax — is
collected on top of income, capital gains, inheritance and social
security taxes. It’s part of the reason France consistently ranks at
the top of Forbes magazine’s annual Tax Misery Index — a global
listing of the most heavily taxed nations.
Wealthy citizens’ tax
bills can be higher than their incomes, according to tax analysts.
President Jacques Chirac’s government attempted to rectify that
disparity last year with changes intended to guarantee that no one
would pay more than 60 percent of income in taxes. But many
businesspeople say actual maximum tax rates still hover at around 72
Addendum: Here is a new French council, via Chris Coyne.