France’s Socialist government has been forced into retreat by an online revolt by entrepreneurs and investors against its plans to raise capital gains taxes.
It said it would review the details of its budget proposal to bring taxes on income from capital in line with tax bands for earned income after a furious campaign on Facebook, Twitter and other networks by a group of web entrepreneurs calling themselves “the pigeons”….French slang for fall guys, or suckers….
France’s financial elites can move across borders relatively easily, I would presume.  The article notes that neighboring Belgium–partly French-speaking–has zero capital gains tax.