German Marlene Engelhorn, the 30-year-old granddaughter of billionaire Traudl Engelhorn-Vechiatto, wishes she were heavily taxed on her gargantuan inheritance. In a remarkable interview with the New York Times, she argues for a 90 percent tax rate on large inheritances.
Traudl Engelhorn-Vechiatto died in September at the age of 94. The woman made sure that her grandchildren – including granddaughter Marlene – could inherit her billions (estimated about 4.2 billion euros) tax-free. But the young woman herself is hardly interested in the large amount of money that comes from owning a chemical company by her family.
“In a dream scenario, I am heavily taxed”, it sounds in an interview with the New York Times. “No one should have that much money – and power –,” it sounds. Engelhorn had, of course, been aware of her future legacy for some time, and had been an ardent advocate of much higher taxes on large fortunes in recent decades. In anticipation of a (much) higher tax rate, Engelhorn has promised to give away 90 percent of her inheritance.
“Tax us!”
Engelhorn is also the co-founder of ‘Tax Me Now‘, a group of wealthy Germans advocating higher taxes. “I am the product of an unequal society,” said Engelhorn. “I was born with many millions. Just born, nothing more. I never had to work for it.”
According to Engelhorn, she has been contacted by hundreds of people in recent years with the request to help them financially, “but unfortunately I always have to say ‘no’”. That would also be in line with the many philanthropic works her family has supported over the decades. “But I believe that the government should determine how wealth is redistributed, not me,” it sounds.
“The wealth of the richest 1 percent is not only a large number, it also directly translates into power over politics, economy, media and society. That power is disproportionate: solidarity is of great importance in a democratic society. Millionaires should not be allowed to determine whether or not they contribute fairly to the societies in which they live, and without which they could never have become millionaires. Social justice is in everyone’s interest. Taxes on wealth is the least we can do. Tax us!”