A tax for millionaires in France was successful in 2013-2014 when it was charged. In 2015, it was canceled to the delight of the wealthy French residents. According to the Budget Minister of France Christian Eckert, the treasury received €309 million in 2014, plus €210 million – in 2015. The total revenue after all calculations will be at least €400 million, as planned, The Local reports.
The widely-known wealth tax (75% of revenues in excess of €1 million) was imposed by the socialist government and the president Francois Hollande as part of his campaign promises. According to Emmanuel Macron, the Minister of Economy, Industrial Renewal and Information Technology, the tax turned France into "Cuba without the sun". CEO of LMVH Bernard Arnault, the actors Gerard Depardieu, Vincent Cassel and Monica Bellucci, former French President Nicolas Sarkozy left the country after the introduction of "draconian" tax in 2012-2013.
The other figures were reported previously. According to estimates of the Ministry of Finance, the wealth tax will bring €260 million (in 2014) and €160 million (in 2015), while the profit from ordinary income tax – €70 billion. Nonetheless, the authorities won't give up and raise the tax on second property in France by 20%.
Eric Heyer of the French Economic Observatory said that the tax has damaged the business climate in France. New Hollande' measures was discussed all the world's media in 2012, although in fact only 470 companies were forced to pay the luxury tax for 1,000 employees whose salary exceeded €1 million.
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