Effects of Wealth Taxes
- real wealth taxes are not in fashion
- not a problem on individual wealth, but on corporate wealth
- company A is not profitable every year
- might suffer huge losses in individual year
- might have to close if there is no wealth (equity) to keep the company running
- individuals rarely experience losses
Inheritance and Gift Tax
- handing over wealth to the next generation
- generational equity
- just because your parents were rich you should not be able to have this privilege alone
- again a rebalencing effort
- Austria has no inheritance and gift giving tax (since ~2010)
- due to strong inclination to family-owned businesses in central Europe
Real Estate Transfer Taxes
- selling / buying a property, typically a low percentage, but still relevant
- popular because it is extremely easy to enforce
- in most countries you are not even registered as the owner if not paying the transfer tax
- also hitting mostly the people which are able to buy a house
- Owners vs Tenant Society