According to the local media, he is supporting higher wealth tax for the rich to consolidate the budget for which revenue measures are needed alongside expenditure measures.

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The Chancellor plans to consolidate the country’s budget by February next year by around EUR1.5 billion, to be achieved by means of both cuts in expenditure and new taxes, notably in the area of wealth related taxes

According to Faymann, in Austria work is far more highly taxed as compared to the EU and it is the middle class that bears the brunt of the burden.

Austria also has the lowest wealth taxes in EU and the Chancellor is of the opinion that one area where the taxes can be raised is on the sale of property which will generate several hundred million euros for the state.

According to a local newspaper, the proposal by the Chancellor is targeting only the richest 10% of the population, the millionaires whose consolidated private assets can be calculated to EUR500 billion.

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