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From /apa, September 3, 2024, 3:23 p.m.
Image: dpa
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Image: dpa
VIENNA. A broad alliance of trade unions, the Chamber of Labor and NGOs are calling for higher taxes on millionaires.
The “Alliance for a fair contribution from the richest” pointed out on Tuesday that “the richest” in Austria contribute very little to tax revenue. Only around 1.5 percent of tax revenue comes from wealth-related taxes, which puts Austria among the worst performers internationally.
At the same time, more than 80 percent of tax revenue comes from work and consumption, the alliance emphasized at a press conference on Tuesday. This means that the gap between rich and poor remains as large as ever, according to the twelve initiating and 24 supporting organizations.
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The richest one percent owns 40 percent of the wealth
“The richest ONE percent owns an incredible 40 percent of the wealth – a large part of which was inherited tax-free,” said a press release. The poorer half, on the other hand, only owns around three percent. “Without a fair contribution from the richest, this injustice will be further exacerbated. This endangers social cohesion and our democracy,” said the initiators.
The alliance is calling for a “fair contribution from the richest – through higher and progressive wealth-related taxes” and refers to corresponding demands from the EU Commission, OECD and the IMF – “they are all calling on Austria to tax wealth more heavily,” says the alliance. Two thirds of the population are also in favor of a wealth tax in surveys.
From three to ten billion euros
“We therefore call on all political parties to implement higher and progressive wealth-related taxes for the richest in the next legislative period,” said the alliance. The tax revenue from this is to rise from the current level of around three billion to at least ten billion euros. This would increase the share of total tax revenue to the average for industrialized countries (5.6 percent).
A “fair contribution from the richest” would also protect democracy, strengthen social cohesion and secure the future, say the initiators, who point out that the richest can push through their political interests “through lobbying, party donations and influence on the media”. An ever-increasing proportion of people, however, no longer feel represented at all. As a result, people would lose trust in democratic processes and turn away from them – or even support anti-democratic forces. A “fair contribution” would also strengthen the financing of a well-developed public infrastructure and ensure social security.
“Climate-social transformation”
The alliance also addresses the climate issue: “The richest one percent alone causes around 17 percent of Austria’s total emissions through excessive consumption.” This percent has increased its CO2 emissions by a quarter since 1990, while 80 percent of people have seen their emissions fall. In addition, “the urgently needed climate-social transformation of our economy” requires major public investments – for example in the expansion of renewable energy or public transport.
The alliance (www.beitrag-der-reichsten.at) is supported by the Trade Union Federation, the Chamber of Labor, the NGO attac, the Volkshilfe, the Poverty Conference, the initiatives millionairesforhumanity.org and taxmenow.eu. The supporting initiators include the “Aufstehn.at” initiative, GLOBAL 2000, the Catholic Action Austria, the Austrian Trade Union Youth and the Austrian Student Union, the Women’s Ring, SOS Mitmensch and numerous other NGOs and associations.
Industrialists see “retro tax fantasies”
Naturally, the Federation of Austrian Industries (IV) sees things differently. In a press release, it spoke of “retro tax fantasies” and a “snooping tax” that would require all Austrians to disclose their entire assets. The majority of assets are held by domestic companies, which is why calls for wealth taxes would endanger the prosperity of citizens and companies, according to the interest group.
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