At a rally in Szolnok, Peter Magyar said the top tier of fortunes might not stick to the 1% figure. His exact words: "It's possible that above 500 billion forints the tax payable won't be 1% - it could be more." The message was clear enough for anyone counting zeros.
Magyar's party has outlined a 1% tax on net worth above 1 billion forints, which the government wants up and running by January. The push comes as the administration tries to narrow a potential deficit of 7.5% of GDP this year to the 3% mark by 2030 so Hungary can qualify for euro adoption, all while pledging to keep many pre-election social benefits intact.
Tabloid Blikk said it obtained outlines of the plan, describing a levy that would cover bank deposits, securities, stakes in companies, and property in Hungary and outside the country. The paper also reported that non‑Hungarian nationals would be exempt with respect to assets they hold abroad.
Only a sliver of Hungary's 10 million people have assets at these levels. Some of those fortunes are widely believed to have grown through connections to former Prime Minister Viktor Orban, who rejects accusations that he enriched allies during his 16 years in office. Voters handed Magyar a landslide in April after he vowed to fight graft and recoup taxpayer money steered to well connected insiders.
Since then, his government has removed Orban-era picks from the leadership of the top courts and the public prosecutor's office and set up a new body tasked with prosecuting theft and recovering misappropriated state funds. Prosecutors have brought cases against two former ministers on self‑enrichment charges and against a businessman linked to Orban's family.
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