Germany is preparing a proposal for new rules regarding European Union bailouts that would impose a tax on property.
The move would be aimed at “taxing the rich” to pay for the bailouts in a way that would keep wealthy landowners from moving money to other countries. German officials say that the problem with requiring bailouts to take funds from bank accounts is that wealthy account holders can transfer money out of the country before restrictions take effect.
The move is also seen as a move by Germany to force Great Britain to shoulder more of the weight than other nations in bailing out the EU. Close to 400,000 Britons own homes in Spain and putting a tax on land would force them to pay funds to bailout Spain.
German Chancellor Angela Merkel is facing re-election later this year and is dealing with voters upset that Germany has been carrying most of the load for bailing out nations funded by the EU.
