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Wednesday
Aug312011

Wealthy Germans Join List of Europeans Who Wish to Pay Higher Taxes

Stockbyte/Thinkstock(LONDON) -- Fifty wealthy Germans have pledged to their country's Chancellor Angela Merkel to "stop the gap between rich and poor getting even bigger," and join the "tax me harder" movement, which began with American billionaire Warren Buffett and caught on in several European countries, according to The Guardian.

When Buffett stated earlier this month that America's wealthy had been "coddled long enough by a billionaire-friendly Congress," and called for higher taxes on wealthy incomes, some of the wealthiest in European countries such as France, Italy and Spain stepped forward willing to contribute towards debt reduction in their respective countries as well.

Now The Wealthy for a Capital Levy, a group of well-off individuals in Germany, say if the country's wealthiest paid a five percent wealth tax for two years, the country could raise $ 144.3 billion, The Guardian reports.

Other countries are also considering temporary tax hikes for the rich.  French president Nicolas Sarkozy last week proposed a three percent tax on incomes higher than $721,350.

Copyright 2011 ABC News Radio

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