After the victory of the extreme left in France's elections, the wealthy individuals have started making plans to move to Italy and Switzerland due to concerns about a 90% tax increase.

French elites are in panic, as the extreme left's plans for a 90% tax on the wealthy and significant increases in spending are fueling growing anger and leading wealth managers to receive intense requests for relocation to Italy and Switzerland.

90% INCOME TAX IS PLANNED

The surprise victory of the New People's Front (NPF) in the French elections has set off alarm bells for the country's wealthy, as the hard left alliance is planning to impose a 90% income tax on high-income individuals.

Even before the elections, financial advisors reported that wealthy French citizens were considering moving to more tax-friendly regions such as Italy, the traditional tax haven Switzerland, and Spain following Emmanuel Macron's decision for early elections.

However, the NPF's victory against Macron's centrist party and the National Front (NF) this Sunday has seriously forced France's elites to consider the extent to which their wealth will be affected by a harsh tax and spending policy. The hard left alliance is planning a significant spending spree that they claim will cost approximately 150 billion euros over three years. These plans include providing a significant increase for minimum wage earners and public sector employees, lowering the retirement age from 64 to 60, and freezing the prices of essential goods.

TAX REDUCTIONS FOR COMPANIES COULD BE ELIMINATED

However, Macron's team warns that these plans could cost up to 300 billion euros and would result in the elimination of tax reductions and credits for companies, along with an increase in income tax.