Germany agrees 32 billion euro tax cuts to give economy 'big boost'
Hindustan TimesGermany's coalition on Tuesday set aside weeks of squabbling to agree to a total of 32 billion euros in corporate tax cuts over four years to boost the flagging economy. According to the draft seen by Reuters, in its first year the stimulus package, modest in the context of a $4 trillion economy, will cause a tax revenue shortfall of 2.6 billion euros for the federal government, 2.5 billion euros for the states and 1.9 billion euros for the municipalities. The law was championed by liberal Finance Minister Christian Lindner, but then stymied when Greens Family Minister Lisa Paus sought 12 billion euros for child support. A government document seen by Reuters showed subsidies are set to almost double to 67.1 billion euros next year compared to 2021.
History of this topic
Germany's economy isn't growing. But its quarrelsome government can't agree on a way forward
The IndependentGerman lawmakers approve contested cuts to farmers’ fuel subsidies and a revamped 2024 budget
Associated PressGermany’s government waters down a cost-cutting plan that infuriated the country’s farmers
Associated Press
Germany is having a budget crisis. With the economy struggling, it's not the best time
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