Trade of the Day: Flee French Taxes
Wealthy residents are fleeing France after the government increased taxes by 70 billion euros ($94 billion) in the past three years and are heading to Portugal for sun, sea, sand and fiscal breaks, Bloomberg's Henrique Almeida reported today. Sothebys International Realty says French investors were the biggest foreign buyers of Portuguese villas in the first six months of the year.
So the Trade of the Day is to abandon the land of the Eiffel Tower; as the chart shows, France on a relative basis has squeezed more tax revenue out of its citizens and companies since 1999 than Germany, Europe's biggest economy.
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