Special tax of 1,000 euros: Schaider demands a contribution from every Austrian!

Special tax of 1,000 euros: Schaider demands a contribution from every Austrian!

Peter Schaider, operator of shopping centers, today presented a plan to restructure the budget. His proposal, which calls for a special tax of 1,000 euros or 3% of wealth, is intended to enable urgent measures to combat the budget deficit in Austria. This so-called BNK tax, named after ex-Finance Minister Magnus Brunner, ex-Chancellor Karl Nehammer and ex-Vice-Chancellor Werner Kogler, could bring in around 15 billion euros for a population of 9.2 million people and around 7.5 million people over the age of 20. Schaider criticizes the handling of public money, which he compares to companies delaying insolvency, and demands that every citizen make their contribution to improving the budget situation. Exceptions for students and minimum pensioners should be taken into account, but the entrepreneur also sees financing options here.

His proposal would limit the tax to one year in order to react quickly. At the same time, the political discussion on budget consolidation continues to struggle for concrete measures. Possible measures are presented in many places, but there is a lack of an overall economic assessment. The aim is to consolidate different approaches to show the actual needs. Experts attach importance to the fact that larger measures are easier to quantify and implement than many small ones. Consumption taxes should be weighted as the most important factor, while wealth-related taxes tend to have smaller multipliers.

Current measures for budget consolidation

On March 7, 2025, the National Council decided on new measures for budget consolidation, which were published in the Federal Law Gazette on March 18, 2025. The financial savings include, among other things, the extended top tax rate of 55% for income over one million euros until 2029 and the abolition of the tax exemption for photovoltaic modules from April 1, 2025. This also applies to electrically powered vehicles, whose tax exemption also ends at the same time.

Expected revenue and policy measures

The budget consolidation estimates show that measures could generate around 5.7 billion euros in 2025, followed by 5.2 billion euros in 2026 and 5.3 billion euros in 2027. Planned changes include, among other things, increases in income tax, VAT and property tax as well as the abolition of the climate bonus and adjustments to pensions. Further measures include increasing the tobacco tax and adjusting the bank levy, which should raise up to 200 million euros annually.

Overall, these proposals reflect the urgency with which Austrian politicians are responding to the current budget situation. The discussion about the BNK tax shows the need to have a broad debate about financial responsibility and government spending. The upcoming reforms in areas such as federalism, administration, pensions, health and education also require careful review and must be anchored in a government agreement in order to achieve sustainable progress.