Austria inherits 76 billion euros tax-free since 2008, highlighting revenue gap

Since 2008, a staggering 76 billion euros have been inherited in Austria without any corresponding tax revenue for the state. This significant sum highlights a substantial missed opportunity for public funding, particularly as the current coalition government grapples with a considerable budget deficit.

Financial watchdog Attac has calculated that merely taxing the inheritance income of Austria's wealthiest 100 individuals could yield approximately 36 billion euros. This figure underscores the potential fiscal benefits of implementing inheritance taxes, a measure that has yet to gain traction in political discussions despite the pressing need for revenue.

Government ministers from the ÖVP, SPÖ, and Neos parties are actively searching for solutions to fill the budget hole while also needing to make crucial investments. Balancing these competing demands is proving to be a delicate act. While various ideas for new revenue streams are being debated, including ongoing discussions about wealth taxes, none have progressed beyond preliminary talks. The taxation of inherited wealth remains a contentious issue, largely absent from the current policy agenda.

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If the state had only taxed the inheritance income of the 100 richest, revenues of 36 billion euros would have been generated