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In 2012 the French elected a Socialist government to stick it to the rich. As a result, the electorate, not the rich, got what they deserved.

Socialist President Francois Hollande saw the implementation of his promised 75 percent tax rate on incomes of more than one million Euros, but the government never saw the promised revenue. The tax brought in only 420 million Euros, a figure so embarrassing that Hollande could not justify keeping the tax. And the economic damage to the country was worse.

From 2005-2007, foreign direct investment in France averaged $85 billion a year, The Wall Street Journal reported earlier this month. In 2013, it was less than $5 billion. Money stopped flowing into the country and more rich people than usual began flowing out.

Socialism requires the elimination of choices. That is why Berlin had a wall to keep East Berliners in, Cubans and North Koreans are trapped in their failed states, and Obamacare contains the insurance mandate.

Given the choice, those targeted for corrective action by the state will flee or revolt. To limit the former and prevent the latter, Hollandes government has let the 75 percent tax rate die and announced plans to cut taxes this year. Another Socialist dream flushed down historys toilet.

The rest is here:
Fleeing France Tax cuts follow Socialism