Tomorrow, Germany’s Constitutional Court will rule on a major tax case that could devastate German business owners. There was no estate tax in Germany so businesses could pass from one generation to the next intact. That may all come to an end tomorrow.
The country’s constitutional court will decide whether families can continue to transfer companies from one generation to the next without having to pay estate tax. This will wipe out potential growth in the country’s 3 million small- and medium-sized companies that are privately owned. These companies serve as the backbone of Europe’s largest economy and such a ruling will impact more than 130,000 family businesses with 1.6 million employees are set to change hands by 2018 alone.
The greed for taxes will only get far worse. There is no common sense here about reform. We no longer need taxes at the federal level. We are watching the destruction of the global economy because these people cannot think even 1 year ahead. It is all about what they need today. God help Western Civilization.