German Millionaires Volunteer to Pay More Tax
Sticky Feet blog
JUNE 18, 2010
CNN and CNBC are reporting a story about a group of German millionaires who are volunteering to pay an additional 10% in income taxes for 10 years to help the German government meet its budget needs in a time of austerity.
The movement, known as the Club of the Wealthy, was formed in 2009 and now 51 German millionaires have written a letter to German Chancellor Angela Merkel proposing their idea. It would not actually be voluntary - the idea is to have the government impose a temporary 10% charge on income. It's unclear whether the proposal has much support among the broader circle of Germany's élite - there are 800,000 German millionaires, so if only 51 have signed the letter after a year's efforts, that may signal its lack of support. But the movement is gaining momentum and is underpinned by Germany's longstanding social democracy framework...