Speaking before the Bundestag, or lower house of parliament on Thursday, German Chancellor, Gerhard Schroeder called for a significant reduction in Germany's corporate tax rate to boost growth and increase employment levels.
Unveiling a package of measures which also included the broadening of a small business loan programme, Mr Schroeder proposed that company taxes be cut from 25% to 19%.
According to media reports, although a plan for reforming the federal tax system is set to be presented by the end of 2005, the Chancellor announced that: "I am convinced that we shouldn't wait until then."
In order to offset the cost of the corporate tax reduction, Mr Schroeder proposed lowering the minimum taxable income threshold, and reducing further the number of tax subsidies available.
"This packet of measures is wise and desirable given the huge risks posed by international crises and external economic factors," he explained, before heading off to meet the leadership of the conservative opposition for what has been dubbed a "jobs summit".
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