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Large Tax Cuts Rejected

Large Tax Cuts RejectedLarge Tax Cuts Rejected

German Finance Minister Wolfgang Schaeuble rejected demands on Saturday from some fellow conservatives for large tax cuts after a September election, saying there was only scope for about €15 billion ($16 billion) in reductions, DW reported. Schaeuble, whose priority is maintaining a balanced budget in Europe’s biggest economy, told Badische Neueste Nachrichten newspaper that deeper tax cuts would require new debt. Some members of Chancellor Angela Merkel’s Christian Democrats want to see tax cuts of about €30 billion. But Schaeuble said Germany needed to ensure it had sufficient financial resources to spend on security, infrastructure, the integration of migrants and research.

 

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