The founder and owner of Herrenknecht, a global leader in tunnel boring machine manufacturing, has expressed support for increased taxation on higher earners and wealthy individuals to alleviate budgetary constraints and support lower-income households. In an interview with “Süddeutsche Zeitung”, Martin Herrenknecht stated his willingness to contribute an additional two percent in taxes, provided the funds are directed to benefit those with lower incomes.
Herrenknecht acknowledged the potential for upward redistribution and indicated he would be comfortable with increased levies on higher income brackets, specifically if it resulted in tax relief for those earning less. He emphasized the importance of ensuring these funds are effectively utilized and do not become lost within the social welfare system. He highlighted the growing struggle many workers face in covering essential expenses such as rent and utilities.
Beyond tax policy, Herrenknecht proposed a policy allowing employees to receive payment for five hours of overtime per week free of tax. He believes this would incentivize increased working hours, potentially boosting overall productivity and benefiting businesses.
The industrialist also addressed concerns regarding bureaucracy, arguing that excessive regulations hinder economic progress. He contrasted the timeframe for establishing a logistics center in India, which he stated took approximately six months, with the three-year timeframe required for a similar project in Germany. Herrenknecht described a protracted process involving numerous officials from local government agencies focused on minute details, such as soil relocation, protections for specific animal species and even worm counts.
At 83 years old, Martin Herrenknecht, who founded his company near Lahr in Southern Baden 50 years ago and has grown it into a global enterprise employing approximately 5,500 people, indicated no immediate plans to retire, remarking on the continued value of experienced leadership.