Majority of Austrian Citizens Oppose Inheritance Tax

Majority of Austrian Citizens Oppose Inheritance Tax

Austro-German heiress Marlene Engelhorn speaking during a press conference earlier this year, APA/ROLAND SCHLAGER

 

A recent survey has found that 56% of Austrian citizens are against the introduction of an inheritance tax.

The survey, by the Linz-based Market Institute, indicates that 36% of respondents believe they and their families would be impacted by such a tax. The strongest opposition to the proposed tax comes from supporters of the People’s Party (ÖVP) and the Freedom Party (FPÖ).

The study also reveals that 64% of respondents anticipate the next government will need to implement cost-saving measures.

Austria is set to hold parliamentary elections on September 29, which will determine the composition of the next government. Read our guide to the elections here: Austria’s Main Political Parties Explained

Given the large spending from the Covid pandemic and the cost-of-living crisis, cutting the budget is expected to be a top priority for the new government. According to the survey, 7% of respondents are opposed to both tax increases and spending cuts, while 64% believe the forthcoming government should focus on reducing expenditure.

Support for saving money is particularly strong among declared supporters of the FPÖ, NEOS and ÖVP.

Additionally, 18% of respondents are in favour of a combination of tax increases and spending cuts, with a further 7% uncertain about their preferred budgetary measures.

According to the Momentum Institute, six of the top ten wealthiest individuals in Austria inherited their wealth.

Earlier this year, Marlene Engelhorn, an Austro-German heiress and descendant of a German industrialist, pledged to donate €25 million – the bulk of her inheritance – in the absence of an inheritance tax.

Last month, a specially appointed citizens’ group distributed the funds to 77 organisations, including social, climate, and notable left-wing groups.

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