Majority of Germans supports reintroduction of wealth tax-Xinhua

Majority of Germans supports reintroduction of wealth tax

Source: Xinhua

Editor: huaxia

2024-07-10 00:43:45

BERLIN, July 9 (Xinhua) -- The majority of Germans supports the reintroduction of a wealth tax, which has been the subject of debate since it was abolished in 1997, according to a Forsa survey published by Stern magazine on Tuesday.

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 (1.08 million U.S. dollars) or more, the survey published on Tuesday 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 155 billion U.S. dollars 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. (1 euro = 1.08 U.S. dollar) Enditem