German Left Party Proposes Plan to Halve Billionaire Wealth Within a Decade

The Left Party's five-point plan includes wealth taxes, a one-time levy on the richest citizens, and increased taxes on high incomes and inheritances.

The Left Party has unveiled a five-point plan aiming to reduce the wealth of German billionaires by 50% over the next ten years.
Proposals include reintroducing a progressive wealth tax, with rates starting at 1% for assets over €1 million and reaching 12% for those exceeding €1 billion.
A one-time levy on the wealthiest 0.7% of citizens is proposed, with rates ranging from 10% for assets above €2 million to 30% for higher thresholds.
The plan also calls for higher taxes on large inheritances and a progressive tax on capital gains to replace the current flat rate of 25%.
Revenue generated from these measures would be allocated to public services such as education and public transportation.

Frankfurter Allgemeine Zeitung