stern survey - Wealth tax: Mrs. Klatten, please pay up!
In France, Spain, and even in Switzerland: there is a tax on wealth. In Germany, however, it has not been imposed since 1997. Multiple times, SPD, Greens, and Left have brought up the demand for higher taxation of millionaires and billionaires in their campaigns. However, nothing has come of it. A wealth tax could make a significant contribution in times of large budget deficits and increasing inequality. Depending on the concept, a high single-digit or even double-digit billion-dollar revenue could be possible.
A wealth tax enjoys broad support
While Germans are often dismissive of inheritance tax, a majority is indeed in favor of the reintroduction of a wealth tax. According to a Forsa survey commissioned by stern, 62 percent of the German population consider it sensible to levy a tax on wealth over one million euros for private individuals and entrepreneurs. Thirty-four percent are not in favor of the idea, and four percent have no opinion.
The results are surprising in terms of party preference. Unsurprisingly, supporters of the Greens (84 percent), SPD (79 percent), and the Left (58 percent) are in the majority. But even supporters of CDU/CSU are in favor to the tune of 55 percent – despite the fact that these parties have long taken a clear stance against a strong tax on the rich and super-rich.
Against a wealth tax are the voters of two parties
The voters of the FDP (78 percent) and AfD (62 percent) are against a wealth tax. AfD supporters are not particularly wealthy on average. They may reject the demand due to the fact that it is traditionally advocated by left-wing parties or their skepticism towards state interference in general is high.
In Eastern Germany, support for a wealth tax is slightly higher at 66 percent compared to Western Germany. Among age groups, it becomes clear that the approval is particularly high among those over 60 years old. They are in favor of higher taxes on the wealthy to the tune of 67 percent, although they themselves often belong to this group.
Resistance against a higher tax on wealth is particularly strong among the self-employed. They reject a new tax to the tune of 54 percent. The background could be that, in addition to real estate wealth, business interests are among the high-value assets that would be affected by a new tax.
The list of the richest Germans is regularly topped by entrepreneurs or their heirs – for example, BMW major shareholder Susanne Klatten. Correspondingly, the lobby of family businesses is fiercely opposing plans for higher taxation. Wealth taxes would ultimately have to be borne by companies, whose tax burden is already high in international comparison. These arguments have so far been mainly taken up by CDU/CSU. Without the approval of the federal states in the Bundesrat, the reintroduction of a wealth tax would not be possible. However, they would also profit from the revenues – as they would all receive their share.
The data were collected by Market and Opinion Research Institute Forsa for stern and RTL Germany on July 4 and 5, 2024 via telephone. Sample size: 1008 respondents. Therefore, the survey is representative. Statistical margin of error: ±3 percentage points
Given the broad support for a wealth tax in Germany, as demonstrated by the Forsa survey, Susanne Klatten, as a prominent figure in the German business community, may find her interests threatened, considering her status as a major BMW shareholder. Public finances could potentially benefit significantly from the implementation of a wealth tax, especially in times of large budget deficits and increasing inequality. However, opposition to the tax remains strong among certain groups, such as voters of the FDP and AfD, and the self-employed, who fear the impact on their business interests and high-value assets, including property tax.
