Marlene Engelhorn hadn’t given much thought to the wealth that surrounded her as she grew up. She always considered the fortune, inherited from Friedrich Engelhorn, the 19th-century founder of the German chemical giant BASF, to be her family’s money rather than hers.
I’m specifically talking about very low income families since I am talking about the general pros and cons of applying an inheritance tax to all citizens since we are discussing why the inheritance tax might have been removed in Austria / German. I’m not familiar with international tax law to be more specific about income levels so I’m trying ro cover all bases.
If a poor family is sharing a car or a family restaurant, it could be very damaging to have to pay tax on these assets if they don’t have savings.
I understand that this doesn’t apply to families with large assets and I agree that an inheritance tax is generally a good thing when applied progressively.