American banks like Goldman Sachs and JP Morgan are reeling from France’s proposed tax hikes on high earners and corporations, which pose a serious challenge to their recent relocation of financial talent from London to Paris post-Brexit. Macron’s attempts to soothe fears in New York have fallen flat, leaving bankers concerned about the implications of these new tax policies.
Imagine Wall Street banks packing their bags in a hurry, and why? They just got hit with a metaphorical tax tsunami courtesy of France! Despite Emmanuel Macron trying to sprinkle some good vibes during his recent trip to New York, the news of raised taxes on high earners and corporations in France was like a bucket of ice-cold water on a sunny day at the beach. The Brexit situation had the big players like Goldman Sachs and JP Morgan playing shuffleboard with their staff, moving droves of financiers to Paris to soak up the chic atmosphere and, of course, lucrative opportunities. Now, all that hard work might be washed away with higher taxes. “In New York, the subject is taken very seriously,” we can only imagine someone saying while dramatically clutching a designer briefcase. So, while the French baguettes and croissants were enticing, now they come with a side of tax hikes that might leave American bankers feeling less than amused. When Wall Street giants are crying into their espresso, you know it’s serious business!
This article discusses the reactions of major American banks to a recent announcement by the French government regarding tax increases for high-income earners and corporations. Despite efforts by French President Emmanuel Macron to reassure American investors during a visit to New York, the response from banks like Goldman Sachs and JP Morgan has been one of concern and disappointment. This comes in the context of these banks having previously relocated significant numbers of financial professionals to Paris following Brexit, making the tax hikes a potential setback for their operations in France.
In a nutshell, the recent fiscal shockwaves sent through the Wall Street banks are turning Paris from a financial utopia back to the land of baguette-induced anxiety. The higher taxes are causing quite a stir, and it might just make those fancy croissants taste a bit bitter for the American financiers. Looks like they’ll need to adjust their budgeting for both salary and pastries!
Original Source: www.lesechos.fr
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