Germans Support Reintroduction of Wealth Tax

Gini coefficient of wealth inequality as of 2019. Photo: X/ @dumbleritos

July 10, 2024 Hour: 8:41 am

Even among the rich, an awareness has developed that money should be distributed more equitably.

On Tuesday, the Stern magazine published a survey showing that the majority of Germans supports the reintroduction of a wealth tax, which has been the subject of debate since it was abolished in 1997.


Poland and Germany to Cooperate in Defense

Two out of three citizens, or 62 percent, favors private individuals and companies having to pay such a tax on assets of one million euros (US$1.08 million) or more, the Forza survey found.

Approval of the idea also spans different political camps, with majorities among voters from left-wing, social, and conservative voter groups. Only voters from the liberal Free Democratic Party (FDP) and the right-wing Alternative for Germany (AfD) are largely against such a move.

The gap between the rich and the poor in Europe’s largest economy is widening. According to a recent Oxfam study, the wealth of the five richest Germans has grown by 74 percent to US$155 billion since 2020. The richest 1 percent alone owns 41.1 percent of the country’s total financial assets.

France, Spain, and Switzerland still levy a wealth tax, but even among the rich, an awareness has developed that money should be distributed more equitably.

An initiative called “taxmenow” has been formed by wealthy people in German-speaking countries who are calling for higher taxation. Many other organizations are also campaigning for the reintroduction of the wealth tax.

“It is time for the super-rich in this country to finally take greater responsibility and make their contribution to a fair society,” said Verena Bentele from the VdK social association. 

Autor: teleSUR/ JF

Fuente: Xinhua

Leave a Reply

Your email address will not be published. Required fields are marked *