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Today’s Top Headlines

Schauble Favors Moderate Cut In German Tax

by Ulrika Lomas,, Brussels

13 April 2017

German Finance Minister Wolfgang Schauble has informed taxpayers to expect moderate tax relief following this year's general election.

In a radio interview broadcast by ZDF, Schauble spoke of delivering limited tax cuts to low- and middle-income taxpayers if the Angela Merkel-led Christian Democrat Party retained power following September's election.

However, he cautioned taxpayers that the Government would not have "unlimited leeway" to cut taxes, with the Government keen to maintain a budget surplus.

Currently, it is the Government's policy to continue running balanced budgets until at least 2020.

While Schauble did not go into much detail on the proposed tax cuts, he has previously said that tax relief will be brought about mainly through the alleviation of bracket creep, whereby income tax thresholds are raised to keep pace with wage inflation.

Outlining the Federal Government's 2017 Budget last September, Schauble also said that payroll taxes would be reduced in a tax cut package worth approximately EUR15bn (USD15.9bn).

TAGS: Finance | tax | budget | tax thresholds | payroll | social security | Germany | inflation | individual income tax

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