December 23, 2024

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The needy.. Germany’s billionaires from multiple crises

At their recent meeting in Brazil, G20 finance ministers filled us with words about their intention to “cooperate” to tax the world’s billionaires, the owners of the largest assets on the planet, more heavily.

But for the thousandth time, it failed to pass in practice, with the imposition of a global tax rate.

In a way, the issue of tax inequality – in the midst of the cost of living crisis and the widening information and social gap – remains a “personal matter” between the countries concerned.

One of the most scandalous cases is a country that belongs not only to the G20, but also to the powerful closed club of the G7: Germany.

The issue came to the fore with the wave of the case of the wealthy BMW heiress and Germany’s richest woman, Susanne Klatten.

The owner of 19% of the shares of the legendary car manufacturer and chemical company Altana recently transferred part of her fortune to her three children.

He’s about to “At least 1.5 billion euros” per capitaAccording to Die Zeit newspaper.

But it’s not yet clear what they will have to pay in taxes. Or, to be more precise, if they will pay at all.

Billionaires and their companies enjoy generous tax breaks for middle-income earners and small businesses in Germany.

Thus, the children of both parents can claim exemption from inheritance tax.

The maximum tax exemption for business heirs is EUR 90 million.

But the law’s “loopholes” are wide open for them, as long as they prove that their private property is not sufficient to pay the corresponding tax.

Whether tragic or not, the term used in this situation is “destitute.”

But how could this be about billionaires?

The German state’s loss of income from inheritance and donation taxes is expected to exceed 2 billion euros in 2023 (Reuters/Dado Rovick/File Photo)

Rich…tremors

From a tax and legal standpoint, there are a wide range of maneuvers and options.

A common method is for the company’s shares to be transferred to a family foundation, created specifically for the purpose of transferring assets.

Last year alone, there were 26 cases of transfers of assets of large companies in Germany in which the German state did not receive a single cent.

In fact, as the Network for Tax Justice (NWSG) points out in a recent analysis of available data, inheritance and gift tax exemptions The German state will be deprived of 2.1 billion euros in revenue in 2023..

He points out that “the heirs of billions of euros paid less than 1% in taxes.”

In fact, the tax rate on senior heirs was about 0.1%.

This is while the German Federal Constitutional Court in Karlsruhe ruled in 2014 that the exemptions for large corporate assets from inheritance tax were too broad and therefore unconstitutional.

But “due to pressure,” as the Tax Justice Network points out, little corrective action has been taken.

In fact, he notes, “vast new possibilities for privilege and fraud have been created for the super-rich.”

He points out that the recently published figures for inheritance and gift tax for 2023 once again show the problem very clearly.

Heirs to assets worth billions still pay little or no taxes.

The thorny issue of inheritance tax finds itself again in a Federal Constitutional Court ruling as of 2022.

Hopes for a decision in 2023 turned out to be false. The same is expected this year or perhaps next year.

Unexpectedly, 2025 will be a crucial election year for Germany.

What is certain is that, amid the explosion of inequality, this will also be at the heart of the federal election campaign.

Polls show a majority of Germans want to reintroduce a wealth tax here and now (Photo: Unsplash/New York Public Library)

“Let the rich pay”

Unlike other major economies in the European Union, Germany does not impose a large wealth tax.

It was abolished in 1997 by the then government coalition between the Christian Union (Christian Democrats/Christian Socialists) and the Liberals (FDP), led by Helmut Kohl.

Since then, the issue of higher taxes on Germany’s millionaires and billionaires has been raised in election campaigns by the Social Democrats and the Greens.

Although both are currently part of the coalition government led by Olaf Sols, no relevant action has been taken.

One reason is the objections of the third government partner, the Free Democratic Party.

But as the German economy stumbles and inequality widens, the call for a wealth tax is gaining ground in public opinion.

It gets worse when recent research by the Tax Justice Network and Oxfam suggests that the abolition of the estate tax 27 years ago, This has cost the German people more than 380 billion euros so far..

It is noteworthy that the amount “is equivalent to 80% of the federal budget for 2024.”

Against this background, 62% of Germans now think it is reasonable to impose a wealth tax. More than one million euros for individuals and entrepreneurs, according to a survey conducted a few days ago by the Forsa Institute for Stern magazine.

In contrast to the past, only Green (84%), Social Democrat (79%) and Left (58%) voters support this idea.

Voters from the centre-right Christian Union share the same view, at 55% – despite the party’s opposition to raising taxes on the rich.

Voters of the Free Democratic Party (78%) and the far-right Alternative for Germany (62%), as well as the self-employed (54%), oppose the measure, albeit for different reasons.

“Don’t be afraid of tax evasion!”

One of the main arguments against reintroducing a large wealth tax in Germany is that it could lead to capital flight at a time when concerns are growing about deindustrialization in its economy.

As for the rest, it is estimated that as of 2021 the assets of the 100 richest Germans have increased by around 460 billion euros.

Of the total 226 living German billionaires, only 29 have chosen to move their headquarters to another country, for tax reasons.

Hence, the Network for Tax Justice (NWSG) and Oxfam chose the title for their investigation: “Don’t be afraid of tax evasion!”

Combating this phenomenon is a matter of political will, explains Manuel Schmidt, head of social inequality at Oxfam Germany.

“Instead of starting to cut development cooperation and social spending in the federal budget, the German government should finally put taxing very high wealth on the agenda,” he points out.

“Contrary to what individual scandals suggest, most of Germany’s major assets are not located abroad,” says Christoph Trautvetter of the NWSG.

“They are tied to Germany through their social and political capital. So it is time for a rational discussion about the taxes they impose.”

* Main image: Pixabay/Creamker

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