According to the preliminary final results of the 2021 federal election, the SPD wins the election. In addition to providing relief for small and medium incomes and a note on the need for reform of inheritance tax, the SPD’s party platform also contains a clear “yes” to wealth tax. The wealth tax taxes the total assets of a taxpayer, i.e. the tax base includes all assets expressed in monetary terms minus debts. It was already levied in ancient times in the Roman Empire, and it was also common internationally. The main argument in favor of the tax is the ability-to-pay principle (Article 3 (1) of the Basic Law), while the main argument against it is its negative impact on economic growth (studies by EY and ifo, among others), especially the scaring away of international investors. The wealth tax has been suspended since 1997, when the Federal Constitutional Court ruled that the specific structure of the tax was unconstitutional. The SPD now wants to change this in order to close the gap between rich and poor. According to the International Monetary Fund (IMF), the richest one percent of private households have about one third of the net wealth. Olaf Scholz proposes a wealth tax of 1% a year on assets of two million euros or more. There is to be no tax exemption for owner-occupied housing, and certainly not for rented property. With rising land and housing prices, the wealth tax will thus quickly become relevant for small entrepreneurs who provide for their old age, not just for the super-rich. It remains to be seen what form the wealth tax will take in the coalition negotiations; in any case, it will remain a very serious issue. In the context of strategic holistic consulting for companies and entrepreneurs, a new ball will probably be added here in the near future. We will stay tuned for you!