1.0French and EU bloghttps://sanchia.blogactiv.eusanchiahttps://sanchia.blogactiv.eu/author/sanchia/<img src="http://www.leftfootforward.org/images/2012/09/4.-Bernard-Arnault-300x200.jpg" alt="" /> <a href="http://www.bbc.co.uk/news/world-europe-15311645" target="_blank">François Hollande</a>, rested from his summer holiday, this week outlined his plan to France’s Court of Audit of how the tax system will operate under a socialist government. His intention is to raise €20 billion in new taxes - which include a 75% tax on millionaires – and has assured the French public this will not be <a href="http://www.ft.com/cms/s/0/e17f0c1a-fa90-11e1-b775-00144feabdc0.html#axzz260dw7fT3" target="_blank">reneged </a>on.This, coupled with his €30bn savings plan, sees Hollande aim to reduce the deficit to 3% over the next two years. The French public will keep a keen eye on his plans to whether austerity measures and public sector cuts will feature alongside. His taxes have seemingly already sent the rich packing. The world’s fourth richest man, <a href="http://www.lvmh.com/" target="_blank">Louis Vuitton, Moët and Hennessy</a> boss <a href="http://www.bornrich.com/bernard-arnault.html" target="_blank">Bernard Arnault</a>, is currently pursuing Belgian nationality, but <a href="http://news.sky.com/story/982610/french-tycoon-denies-attempt-to-avoid-75-percent-tax" target="_blank">states </a>this is so he can conduct business more easily over there. Arnault has pledged to continue living in France.Hollande’s response to Arnault was a firm one: <strong>“He must weigh up what it means to seek another nationality because we are proud to be French.”</strong> There would be no exceptions in a 75 per cent tax on incomes above one million euros, the President added.There is speculation Hollande plans to exempt sports stars and artists from the new 75% tax rate although this has not been confirmed. There were <a href="http://sanchiaalasia.blogspot.co.uk/2012/07/french-artists-may-suffer-from-benefit.html" target="_blank">protests </a>in July when the state auditor of France said unemployment benefit payments to artists and other creatives were unsustainable. Recent opinion <a href="http://www.ft.com/cms/s/0/e17f0c1a-fa90-11e1-b775-00144feabdc0.html#axzz260dw7fT3" target="_blank">polls </a>show the public has lost some confidence in the government four months after Hollande won presidential office.rich