3 Sep 2011

Higher tax bills urged for wealthy

7:45 am on 3 September 2011

The world's richest people are calling for higher tax bills.

Newspapers in France and the United States have published editorials by wealthy businessmen saying they cannot stand by and watch while economies tank.

Now a group of wealthy middle-class Germans want Chancellor Angela Merkel to raise taxes on the rich.

Calling themselves the Wealthy for a Capital Levy they say that actually they have too much money and it could be spent better plugging the inequality gap.

Group founder Dieter Lehmkuhl says Germany could raise 100 billion euros in two years with a 5% wealth tax.