Will Smith, France react to Francois Hollande’s big proposal to tax the wealthy 75 percent
French President-elect Francois Holland has a new proposal to tax the wealthy 75 percent, and it has the French people really talking about potentially leaving the country
A recent You Tube video making the rounds features a surprised Will Smith, after hearing from a French news anchor about Hollande’s 75% proposed tax rate for the wealthy.
Smith, making the rounds to promote his current film Men in Black 3, is obviously astonished after the French news anchor clues him in to the latest in French politics.
In a transcription by Real Clear Politics, Smith begins by saying he has no issue with paying taxes. “I believe very firmly that America is the only place on Earth that I could exist. So I will pay anything that I need to pay to keep my country growing,” he says.
The interviewer then tells him that in France, he would have to pay on his earnings above one million euros under new French President Francois Hollande’s proposal. “Not 30 percent. 75 percent,” the interviewer says.
To which Smith’s face seems very shocked. He smiles and replies: “75?! Yeah, that’s different, that’s different. Yeah, 75. Well, you know, God bless America.”
According to a NPR story, Hollande’s idea would drastically increase the top rate now, which is 41 percent.
Meanwhile, the UK’s Telegraph has a story on high earners saying “au revoir” to France, characterizing it as “Le Grand Départ.” Amid widespread concern about changes to the French income tax regime, and Hollande’s quite blunt statements, such as “I don’t like the rich,” the story is that some firms and even American banks located in Paris have begun making arrangements for their top executives to set up offices in London.
People are concerned.
Before any painful financial crackdowns begin, the high-earners are heading to England. “The exodus will mean a lot of France’s biggest earners relocate to London,” a financial manager told the Telegraph. “It won’t be possible for everyone, but those who can make the switch will definitely be working on a contingency plan.”