In NYC for example, 40% of the tax revenue comes from 1% of the tax payers[1]. High taxes are causing high earners to leave the city. What's going to fill that gap in revenue?
Cristobal Young and Charles Varner did a study “Millionaire Migration and State Taxation of Top Incomes” and found that when taxes were jacked up on New Jersey residents they tended to stay despite low tax states (e.g. Connecticut) being quite close.
If people are reluctant to move to a nearby state to save on taxes theyre gonna be even more reluctant to move to a whole other country.
I'm not sure how it is in France though.
[1]: https://www.bloomberg.com/news/articles/2022-12-14/new-york-...