2024-01-13 00:25:00
An Austro-German heiress is forming a group of citizens to decide how to donate part of the fortune she inherited from her grandmother. Marlene Engelhornwho is 31 years old and lives in Vienna, wants 50 Austrians to determine how 25 million euros should be redistributed (US$25 million) from his inheritance.
“Without having done anything for it, I have inherited a fortune and, therefore, power”, he claimed. “And the state doesn’t even want to tax it.” Austria abolished inheritance tax in 2008, one of the few European countries that does not tax inheritances. Engelhorn considers this unfair.
She is a descendant of Friedrich Engelhornfounder of the German chemical and pharmaceutical company BASF, and inherited a large sum of money when his grandmother died in September 2022.
The American Magazine Forbes estimated Traudl Engelhorn-Vechiatto’s wealth at $4.2 billion, and even before she died, her granddaughter was already He stated that he wanted to distribute around 90% of his share in the inheritance.
Engelhorn considers this unfairGETTY IMAGES
On Wednesday, 10,000 invitations addressed to randomly selected citizens began to arrive in Austria. Those who want to participate in Engelhorn’s initiative, known as “Good Council for Redistribution,” can register online or by phone.
From that initial sample of 10,000 Austrians, all over 16 years of age, 50 people will be chosen and 15 substitute members will also be selected in case of dropout.
“If politicians don’t do their job and redistribute wealth, then I will do it myself.”, he explained in his statement. “Many people have trouble making ends meet with a full-time job and pay taxes on every euro they earn from their job. This is a failure of policy, and if policy fails, then citizens will have to make a living”.
Even before inheriting millions of euros, Marlene Engelhorn made it clear that she planned to donate most of itHANNA FASCHING
In May 2022, Marlene Engelhorn joined a handful of millionaires in Davos calling for higher taxation for the rich.
Christoph Hofingergeneral director of the Welfare Institute, which supports the initiative, stated that the council for the redistribution of the heiress’s money It would be made up of 50 people “of all ages, federated states, social classes and origins”. The group will be asked to “contribute their ideas to jointly develop solutions in the interest of all of society,” he said.
They will participate in a series of meetings to be held in Salzburg with academics and civil society organizations from March to June of this year.
Organizers say the meetings will be barrier-free and hOpen childcare services and interpreters available if needed. Travel expenses will be covered and participants will receive US$1,300 for each weekend they attend.
Marlene Engelhorn believes that her conversations will be a “service to democracy” and therefore those who participate should receive adequate compensation. “I do not have the right of veto”, he claimed. “I put my assets at the disposal of these 50 people and I trust them.”
If they do not reach a decision “widely supported” regarding what to do with the money, then the funds will return to Engelhorn’s hands.
Friedrich Engelhorn founded BASF in 1865GETTY IMAGES
It is unclear exactly what proportion of his inheritance he will give away, although in 2021 he said that I wanted to distribute at least 90% because he had done nothing to earn it and had simply gotten lucky in a “birth lottery.” His team did not confirm how much he is stayingalthough he said that he did have some type of financial cushion.
Sixteen years following Austria abolished the inheritance tax, the measure remains controversial and a major political party, the opposition Social Democrats, wants it reinstated.
Social Democratic leader Andreas Babler told public broadcaster ORF which he wanted to make a central condition for possible coalition negotiations, following Austria’s next general election, which will be held later this year. The conservative People’s Party, which is currently the main partner in Austria’s coalition government with the Greens, rejected his proposal.
*Por Bethany Bell
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