Prime Minister Magyar said the government’s planned wealth tax could impose a rate above the previously proposed 1% on Hungary’s richest households. The government aims to have the tax in place before January. Magyar said the party proposal levies 1% on wealth over 1 billion forint (about $3.1m) but that super-rich individuals could face higher rates. He added the government faces pressure to cut the budget deficit by 2030; this year’s deficit may reach about 7.5% of GDP versus a euro-area 3% li

Prime Minister Magyar said the government’s planned wealth tax could impose a rate above the previously proposed 1% on Hungary’s richest households. The government aims to have the tax in place before January. Magyar said the party proposal levies 1% on wealth over 1 billion forint (about $3.1m) but that super-rich individuals could face higher rates. He added the government faces pressure to cut the budget deficit by 2030; this year’s deficit may reach about 7.5% of GDP versus a euro-area 3% limit.