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What can be done against the debt of the Corona mountain, which is expected to accumulate up to 40 billion euros? Linz economist Friedrich Schneider investigated this question on behalf of the Austrian Business Location Initiative (IWS). Yesterday, Friday, the IWS presented the study.
Seven measures could generate between 5.1 and 6.4 billion euros in revenue per year, Schneider calculated. These include: GDP growth through additional investments, measures against VAT fraud, a financial transaction tax, an industrialized countries procedure against the transfer of profits, a CO2-based airline ticket tax, measures against online tax fraud and the inclusion of the virtual services sector for taxes.
The debt could be repaid in ten years. If four billion euros were to flow into budget consolidation annually, there would be between one and 2.3 billion euros left to invest in areas of the future and to reduce taxes on labor, according to Schneider. For the head of IWS, Gottfried Kneifel, this is “a possible way to reduce debt without a loss of prosperity for future generations.”
