Inheritance tax: SPÖ model met with criticism

Inheritance tax: SPÖ model met with criticism
Andrew Babeler

There should be a life allowance of one million, i.e. anyone who receives inheritances or gifts totaling less than one million within 30 years does not have to pay anything. At the same time, the real estate transfer tax would fall, as can be seen from the concept that the “TT” initially reported.

Today the economically liberal think tank Agenda Austria reacted with some skepticism. Its director Franz Schellhorn speaks of symbolic politics. The “highest tax country” Austria does not need new taxes. Anyone who wants a more equal distribution of wealth must promote wealth accumulation.

On the part of the SPÖ, however, one also wants to start with the wealthy. The tax rate for inheritance tax should be 25 percent for an inheritance of between one million and five million euros. Between five million euros and ten million euros, the tariff increases to 30 percent. From an inheritance of ten million euros, according to the Social Democrats, 35 percent taxes should be paid.

In the case of company takeovers, 85 percent of the company’s assets should be spared if the company continues to operate for at least five years. According to the model, foundations have both an inheritance tax and a wealth tax equivalent. The foundation entrance tax paid could be offset against this.

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