Deutsche Bank Wants ‘Privilege Tax’ Imposed on People Who Work from Home
German banking giant Deutsche Bank is calling for a “privilege tax” to be imposed on people who work from home, to erase their savings from not having to commute or pay for food on their lunch breaks.
Writing in a paper for the bank titled What Must We Do to Rebuild? analyst Luke Templeman lamented the fact that “remote workers are contributing less to the infrastructure of the economy whilst still receiving its benefits.”
“That is a big problem for the economy,” he complained — as if spending much of one’s pay on commuting, dry-cleaning work clothes, and so on to boost the GDP is something of a civic duty — and proposed a 5 per cent “privilege tax” to recoup the economy’s imagined “loss”.
“Working from home will be part of the ‘new normal’ well after the pandemic has passed,” explained Jim Reid, Global Head of Fundamental Credit Strategy and Thematic Research at the German banking corporation.
“Our calculations suggest the amounts raised [from taxing home workers] could fund material income subsidies for low-income earners who are unable to work remotely and thus assume more ‘old economy’ and health risks,” he suggested.
Their estimated tax take from the scheme in Britain stands is £7 billion, with the potential to grab €20 billion (£17.8 billion) in Germany and $49 billion (£37 billion) in America.