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Germany's CDU Party Approves Election Programme,
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, July 01, 2009
In the absence of certain tax rebels, and with a relaxed air of unity, leaders
of Germany’s Christian Democratic Union (CDU) party and Bavarian sister
party the Christian Social Union (CSU) finally approved their party’s election
programme during a meeting held at the beginning of the week.
While resolutely rejecting the idea of tax rises, despite renewed warnings
from chief economists, party leaders Angela Merkel (CDU) and Horst Seehofer
(CSU) have firmly pledged to press ahead with tax cut plans within the next
four years.
Firmly embedded at the heart of Union’s election programme is its commitment
to fundamentally reform income tax rates, in a desperate bid to reduce the effects
of fiscal drift or “kalte Progression”, a phenomenon whereby monetary
depreciation and salary increases, coupled with unchanged taxes means that a
larger proportion of tax is levied on earners. Determined to address this issue,
the party has outlined the following measures:
The reduction of taxes for the middle classes.
The progressive reduction of the lowest rate of income tax. The Union are
planning to reduce this rate initially from 14% to 13%, while then lowering
the rate further to 12%.
The threshold for the top rate of income tax (42%) will be increased in
stages, from EUR52,552 to EUR55,000 in the first instance, then finally to
EUR60,000. The top income tax rate will, however, remain unchanged.
Other key tax measures contained in the election programme include the following
initiatives:
Further reform of corporate income tax, in an endeavour to shelter German
businesses from the effects of the prevailing economic crisis. The Union is
eager to reduce the burden borne by businesses, to enable them to increase
their growth and improve their competitiveness internationally.
The promotion of private pensions by simplifying tax incentives.
A structural review of VAT regulations, taking into account European competition
in key areas.
Simplification of the taxation process.
A review of the country’s inheritance tax.
Eager to promote research and development, key to economic growth and job creation,
the CDU has also stated that its finance and tax policy must be designed to
drive the innovation process. The party is therefore promising to introduce
tax incentives for research, intended to support small and medium-sized enterprises.
Recognising the importance of private investors in supporting young and innovative
companies, particularly given the current banking crisis, the CDU are pledging
to improve existing conditions for investment in venture capital.
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