The simple answer Pension CRISIS
Years of negative and low interest rates have plunged pension funds into crisis, they are underfunded and FED understands this dilemma more than any other central bank.Those who believe FED is raising rates to prepare for next recession need to see how much FED has achieved for pensioners in last one year for e’g a 5 year Goldman sachs CD ( fixed income instrument) has gone from almost zero to 3.5% giving breather to investors and funds.
Now Bundesbank has come out warning that there is a German pension crisis. They have proposed that states raise the pension tax and that they should gradually increase the retirement age because the life expectancy in the future has risen. Central Bank President, Jens Weidmann, has stated that he is generally in favor of raising the statutory retirement age beyond 67 years.”
My two cents
The taxes can be raised only on immovable property simply because it is easier to tax something which cannot be just physically carried to the low tax jurisdiction. The movable asset ( e.g financial asset) will just move to more tax friendly regime. This is why we might be putting a long term top in real estate where interest rates have remained artificially suppressed for long duration.