Robert A. Green
Registered: Nov 2007
08-20-12 01:50 PM
CNBC.com Article: Tax-Soaked French Bankers Feeling London's Lure
The City of London financial district, though diminished by scandals and job cuts, is proving irresistible to fed-up Parisian bankers fleeing France's rising taxes and the feeling that they're not best loved at home.
Didn't notice FTT mentioned, but certainly it's part of higher taxes in France related to the financial sector.
The biggest fear of governments over FTT was competition, jobs and related tax revenue moving to other countries, mostly London. FTT along with other left-leaning tax hikes are having negative consequences as warned in advance. It's another cautionary tale. This exodus from France is just starting and it will pick up more as it did decades ago when Socialist President Mitterrand scared French capitalists to pack their bags and leave.
Every high paying financial services job lost will destroy another 5 plus jobs in related personal service and other industries too. Hollande's policies are killing off jobs. FTT is a jobs killer.
I read a NYC jobs study a few years ago that said each Wall Street job supported 7 other jobs, including accountants, attorneys, restaurants, real estate people, transportation drivers, and much more. London, NYC and Chicago get this, but Paris and Berlin don't.