The STANDARD readers don’t necessarily know me as a radical leftist. But I consider the lack of taxation of assets to be one of the serious mistakes of our economy and society. Thanks to relatively generous social transfers and many public benefits, Austria does not suffer from extreme inequality compared to other countries. But we tax work too highly and wealth too little, as countless studies show. Only 1.5 percent of total tax revenue comes from wealth-related taxes; the OECD average is 5.6 percent. This is economically inefficient, creates a feeling of injustice, proves to be a political explosive and endangers democracy.
