Almost a month after the federal election, Germany’s coalition government is ready to take office next week. During a late-night meeting, Chancellor Angela Merkel’s conservative CDU party reached a deal with the Free Democrat Party. Of the utmost importance – reviving Germany’s economy with tax cuts.
Guido Westerwelle, the FDP leader said: “We want to reduce taxes for families. This will start on January 1, next year. We want to achieve major tax reform, and for this reason we are very pleased to have decided a new tax structure, and an accordant rank tariff as part of the coalition treaty.”
The plan, detailed in a 128 page document, centres on the pledge to give income tax relief worth 24 billion euros to low and middle income families.