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Germany's FinMin touts $10 billion tax cut plan to curb inflation

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The Associated Press

Associated Press

BERLIN (AP) — Germany's finance minister said Wednesday the government plans to cut more than 10 billion euros ($10.2 billion) in taxes, slashing wide swaths of the population weighed down by high energy costs and inflation. said it would benefit

Finance Minister Christian Lindner said some 48 million people in Germany would benefit from tax changes that would prevent them from being taxed more than their wage increases.

Child benefits will also be raised in the next few years, he said.

The plan has been criticized by the Green Party, which is part of his three-party ruling coalition in Germany, along with Lindner's business-oriented Liberal Democrats and Chancellor Olaf Scholz's Social Democrats. was done.

Calculations show that high-income earners gain the largest absolute benefit from the proposed tax cuts, earning over €60,000 compared to €115 for those earning €20,000. people are about 470 euros wealthier. keep.

Inflation in July fell slightly to 7.5% from 7.6% in June a year earlier, according to official statistics. The rise in prices has been fueled by a sharp rise in energy costs related to Russia's attack on Ukraine.