German Millionaires Volunteer to Pay More Tax

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.

There are interesting things afoot in Germany. After being criticized for its slow reaction to the European financial crisis, the Germans moved forcefully on financial industry regulation. It all began with the German move to ban naked short selling, which ban has been the cause of much complaint and controversy in other countries (see German Naked Short Selling Ban). The Germans are also pressing for the G20 to adopt an FTT (or financial transactions tax) on banks to help pay for bailouts. Many outside Germany could not understand why the Germans were suddenly making such a strong thrust on financial regulation - it is for the same reason as the Club for the Wealthy came out with its proposal - the German public is demanding a pound of flesh.

This is a very interesting story. It's nice to see millionaires with a conscience. kinda rare these days.

What are your thoughts ATS? If the rich start paying 10% more taxes, would it help?

Source

~Keeper

This is something called: Nationalism or national pride.

Won't see much of that here in the U.S. since most of the ultra-rich are communist trans-nationalist.

Seems to be a prerequisite, you have to be a trans-nationalist traitor to be one of the big dogs.

This is Germany, so what do you expect?

Here in the real world, a better idea would be for the millionaires to use the 10% to hire more people and grow their business.

I thought it took intelligence to become a millionaire? Guess not, if you are in Germany?

Combine this with Germany cutting government by 10% and you have the makings of some real growth. But I am not a German millionaire, so what do I know?

Originally posted by Carseller4
This is Germany, so what do you expect?

Here in the real world, a better idea would be for the millionaires to use the 10% to hire more people and grow their business.

I thought it took intelligence to become a millionaire? Guess not, if you are in Germany?

Combine this with Germany cutting government by 10% and you have the makings of some real growth. But I am not a German millionaire, so what do I know?

Germany isn't the real world? What world is it in?

No, it certainly doesn't take intelligence to be rich. Actually it seems the richer you are, the dumber you have a right to be.

I think it's great that there's some responsibility here on the part of rich people. If the disparity of wealth wasn't so great between the middle class and the upper crust, there never would have been a meltdown.

~Keeper

That's pretty cool. Putting your money where your country is, so to speak. Trying to not be skeptical in any way here, taking it at face value, and allowing a feel good moment.

America has about 2,886,200 millionaires and 403 billionaires. That's as far as I can go with math

Sounds like it could help a lot. Would be nice if it could be targeted for good within the country, eh?

Millionaires, billionaires. Both are enemies of the state. I know this statement will cause much uproar over here at capitalist ATS, but lets face it. If you have hundreds to thousands to millions time more money then the average citizen, then you have managed to screw a hell of a lot of people over in doing business. This should not be admired = american view, it should be frowned upon.

If i ever reached a wealth level of not ever having to worry about anything anymore, i sure as hell would start to FIGHT the capitalist powers that still try to milk the last penny of the customers.

As it stands now, i only am so wealthy that i can probably live the next 10-20 years without doing any work. A few more lucrative business deals and i can finally move over to the FIGHTING agenda

[edit on 6/27/2010 by above]

Originally posted by above
Millionaires, billionaires. Both are enemies of the state. I know this statement will cause much uproar over here at capitalist ATS, but lets face it. If you have hundreds to thousands to millions time more money then the average citizen, then you have managed to screw a hell of a lot of people over in doing business. This should not be admired = american view, it should be frowned upon.

If i ever reached a wealth level of not ever having to worry about anything anymore, i sure as hell would start to FIGHT the capitalist powers that still try to milk the last penny of the customers.

As it stands now, i only am so wealthy that i can probably live the next 10-20 years without doing any work.

[edit on 6/27/2010 by above]

What an ignorant statement to make.

There are people out there who have made their money fairly. They treat others properly and it is down to a good reputation and sound practices that htey have become sucessful. Just because the ones right at the TOP screw everyone over, doesnt mean that the ones quite a lot lower down do the same.

reply to post by above


I'm gonna have to disagree. I've become very successfull being an honest employer and building my business with the focus being made on thos who provide the work which puts a paycheck in my pocket.

My employees. I've made a killing doing it too, but not because I screwed people over, because we are the best you can get as far as the market I work in.

Clients pay big bucks for quality service.

~Keeper

reply to post by tothetenthpower


I think you're spot on about the merits of these citizens taking responsibility for their country. From the outside, especially an American viewpoint, it seems like a strange move, but the Germans are one of the few Western states that is extremely adverse to deficits.

Although, the government may or may not be effectively meeting the wishes of its people, its important to remember that a government in which citizenry elects members of itself is not sits own entity, but, rather, a part of the citizenry themselves. Consequently, each citizen has the responsibility to elect ethical leaders and to act ethically to the extent of their abilities. These Germans have not forgotten the latter.

I think they should be applauded for their responsible citizenship.

Shane

reply to post by above


Might be just me but if you are wealthy enough to live 20 years without working, you are definitely within the higher incomes (read rich).

How stupid have you become making your money? How many people have you screwed over? Because according to what you are telling us here, we should now believe that you will use your hard earned money to "fight the system"

Good way to get rid of it fast, that's for sure.

[edit on 27/6/10 by Romekje]

Impressive that these millionaires are willing to help like that! Now if other countries could follow their lead we'll actually get somewhere.

I'm impressed that some millionaires want to give more of their money to their government. That's commendable. But why do they want to force higher taxes upon others who do not share their same ideals? What, they won't give more unless others give more?

I earn enough money to use the long form when I file my income tax return. Some people I know have called me stupid because I just file the short form and pay whatever tax I end up being required to pay using that form. For sure I would pay less taxes if I used all the deductions and credits. Should I inisist others do the same? Not at all, in my opinion.

Anyway, this is in Germany and it's their issue, not mine. Kudos to the ones who want to give more to their country.

I am amazed at that this thread is taken so serious.

800.000 millionaires and 51 want to pay extra taxes, that is less than 0.1%!

Why even care? This world is controlled by an everything consuming greed, another fine example of this...

And at above, you are absolutely right,money is the "cleanest" when it's just printed out of thin air, for the rest it gets polluted with blood, sweat and tears.



[edit on 27-6-2010 by Grey Magic]

reply to post by tothetenthpower


Seems kind of a dumb thing to make news about, a tiny, tiny, fractional percentage of millionaires want to pay more taxes.

They should donate it to charity and do some real good.. even if there was a 50% increase in taxation on Germans richest people, it still wouldn't cover what they fronted to bail out Greece and the South EU.

So I say, give it food shelters, churches, mosques, whatever. Just put it somewhere it will help, not in the hands of Government.

Come on people! Do you honestly think this is just generosity, altruism or even national pride? You think millionaires in Germany or any different than millionaires anywhere else?

As has been said, they are petitioning this not to be voluntary. These German millionaires make their money like most any other, through business. It is almost a certainty that they 'give' a little to get something in return, most likely via government contracts or other beneficial legislation.

The fact that such a small percentage is doing this, to me, suggest they are simply the most cunning and sly. They are likely just trying to get an edge on the majority via this scheme.

Remember the old saying: If it sounds too good to be true, it is.

Edit to add: It's not that millionaires are not generous or philanthropic, just not towards government. Even rich socialist/communist/fascist don't beg the government, 'please, take more of my money.'

[edit on 28-6-2010 by Wolf321]

Sounds like a few who worked to earn it wanting to give something back..

reply to post by above

Millionaires, billionaires. Both are enemies of the state.

And the state is very often an enemy of the people. Enemy of my enemy is my friend.

States have abused, killed, robbed much, much more than any billionaire could ever dream of.