Proponents of the move say that wealth tax could bring an additional EUR11.5 billion into the public coffers each year.
The opposition center-left Social Democrats and the Green Party are proposing that Germany reintroduce a wealth tax that the country eliminated in 1997.
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Under the wealth tax proposal, a 1% annual tax would be applied to Germans with assets exceeding EUR2 million.
Further, the tax allowance would be double that figure for married couples, Norbert Walter-Borjans of the Social Democratic Party (SPD), who is finance minister for the state of North Rhine-Westphalia explained.
Meanwhile, The German Institute for Economic Research (DIW) think tank has estimated that a wealth tax would provide an additional EUR11.5 billion annually for the federal budget.
Walter-Borjans also added that the estimate also takes into account the possible emigration of wealthy Germans to other countries.
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By GlobalData"Private monetary assets in Germany have grown to an extreme degree, from EUR3.6 trillion to EUR4.7 trillion between 2001 and 2011," Walter-Borjans said.
Under the proposal, Germans would be required to submit a special tax form detailing their wealth and assets based on the current market value, the minister said.
