Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

German conservatives want to cut income taxes after 2017 election

Published 02/09/2016, 18:37
Updated 02/09/2016, 18:40
German conservatives want to cut income taxes after 2017 election

(Reuters) - Fiscal policy leaders in German Chancellor Angela Merkel's conservatives agreed to cut taxes by 15 billion euros per year in the next legislative period if they stay in power after the 2017 election, two parliamentary floor leaders said on Friday.

Volker Kauder of the Christian Democrats (CDU) and Gerda Hasselfeldt of the Christian Social Union (CSU) said the 15-billion euro per year cut would be the conservatives' goal in the election.

The government's budget for 2016 is 316 billion euros.

The United States and Germany's European Union partners have long urged Germany, which is flush with cash and has been running budget surpluses since 2014, to cut taxes to boost growth.

Germany's budget surplus surged to 18.5 billion euros, or 1.2 percent of gross domestic product (GDP), in the first half of 2016.

Hasselfeldt said the tax cuts should be structured to provide relief for middle-incomes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.