A recent report in German daily, Handelsblatt has claimed that Chancellor Gerhard Schroeder plans to increase inheritance tax in a bid to appease Social Democrat party opposition to his welfare and labour market reforms.
With Germany tackling a spiralling budget deficit and facing an EU-imposed fine for breaching the terms of the Growth and Stability Pact the Chancellor has been compelled to introduce radical reforms to pare back the amount spent on the country's welfare system, which will reduce unemployment entitlement and healthcare benefits to many.
Given a delicately poised coalition with the Green Party, Schroeder is counting on his party's support in order to get the measures through parliament. It is thought that an increase in IHT, in addition to other proposals such as a package of several million euros aimed at the long-term unemployed are concessions towards opponents of the main reforms. However, the German government has yet to officially confirm such a move.
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