Marlene Engelhorn demands higher taxes on rich people, aims to redistribute millions

In a bold move against the wealthy elite convening at the Davos summit, heiress Marlene Engelhorn, scion of the BASF chemical giant’s founder, advocates for higher taxes on the rich while pursuing an unprecedented plan to give away the bulk of her €25 million ($27.4 million) fortune.

Austrian-German activist Engelhorn, 31, criticizes her own privilege, stating, “I’ve inherited a fortune and therefore power, without having done anything for it.

And the state doesn’t even want taxes on it,” as she joins protests at the World Economic Forum calling for increased taxes on the wealthy.

Engelhorn’s initiative, Taxmenow, seeks to bridge the wealth gap by paying a citizens group to generate ideas for the future of her fortune.

Aiming for democratic input, 10,000 randomly selected Austrians are invited to apply, with 50 ultimately chosen to participate in Salzburg gatherings from March to June.

Should the group fail to propose broadly supported ideas, the heiress pledges to return the inheritance, and once “more than 90 percent” of her wealth is redistributed, she plans to transition into a regular job, leaving the wealthiest echelon for the “less wealthy 99 percent.”

As Europe grapples with pronounced wealth inequality, Austria’s conservative policies come under scrutiny, having scrapped inheritance tax in 2008. Economist Emanuel List highlights the stark contrast, stating, “the top five percent own about 54 percent of Austria’s net wealth, while the entire bottom half of households only owns four percent, so basically nothing.”

Engelhorn’s innovative approach, backed by scientific support, challenges the status quo. In contrast to campaigns like Warren Buffett’s philanthropic pledge, Engelhorn’s call for an inheritance tax revival faces opposition from the ruling conservative party, while Austria’s far-right Freedom Party condemns such measures as “an attack on families, entrepreneurs, and all top performers.”

Marlene Engelhorn’s endeavor underscores a growing call for wealth redistribution and tax reform, sparking debates within the economic and political landscape of Austria.