PARIS ¨C When President Francois Hollande unveiled a ¡°super-tax¡± on the rich in 2012, some feared an exodus of business, sporting and artistic talent. One adviser warned it was a Socialist step too far that would turn France into ¡°Cuba without sun.¡±
Two years on, with the tax due to expire at the end of this month, the mass emigration has not happened. But the damage to France¡¯s appeal as a home for top earners has been great, and the pickings from the levy paltry.
¡°The reform clearly damaged France¡¯s reputation and competitiveness,¡± said Jorg Stegemann, head of Kennedy Executive, an executive search firm based in France and Germany.
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