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Bundesbank asks for an imposition of tax

Countries threatened with bankruptcy should derive revenue from the imposition of a single tax capital in the private wealth of their citizens, before requesting assistance from other countries, says the German Central Bank, Bundesbank, in its monthly report. A poll tax in line with the principle of national responsibility, according to which the taxpayer is liable for the obligations of their countries before it is solidarity of other countries, it said in its monthly bulletin of the central bank.

Bundesbank

Bundesbank

The Bundesbank warns that such a tax poses significant risks and the application will not be easy, adding that it should be considered only in absolutely exceptional cases, for example in order to avoid an imminent insolvency of a country. The International Monetary Fund discussed the measure in the October report and noted that it would need to impose a tax rate of about 10% on the net wealth of households to reduce debt ratios of 15 countries of the Eurozone to the levels at the end of 2007.

Bundesbank

Bundesbank

The German Institute for Economic Research in 2012 estimated that the imposition of such a tax rate of 10% in Germany, after the personal exemption amount 250,000 euros would generate about 230 billion euros.

By Nicole P.

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