Skip to comments.New German government to slash taxes
Posted on 10/24/2009 4:23:11 PM PDT by wolf78
BERLIN Germany's newly elected government unveiled its plans for the next four years on Saturday, spearheaded by 24 billion euros of tax cuts in spite of the country's mammoth debt mountain.
"It is all geared to creating jobs," Chancellor Angela Merkel said, calling the coalition pact, finalised after three weeks of tough negotiations in the early hours of Saturday, Germany's "answer to the crisis."
"We have agreed a coalition programme showing that we want to advance courageously into the future," she said. "We are aiming for growth, for the creation of an education republic and social cohesion."
"The burden on families has to be lessened, the burden on companies and inheritance tax has to be reformed," Merkel told reporters.
Merkel, 55, won a second term in elections on September 27, ditching her previous coalition partners, the centre-left Social Democrats, in favour of the pro-business Free Democrats (FDP).
The cuts, some of which will take effect from January 1, 2010, come despite the parlous state of Germany's public finances, with the national debt currently standing at around 1.5 trillion euros (2.25 trillion dollars) -- and growing fast.
Germany already spends tens of billions in interest payments on its debts each year, and it will borrow hundreds of billions of euros more over the next few years as the country reels from its worst recession since World War II.
The new government argues that the economic growth that the cuts will trigger will help cover the cost, together with as yet unspecified reductions in public spending.
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I wouldn't care if Obama installed a bathhouse in the White House, so long as he would cut our taxes!
Yes I knew that four years ago when Germany had its last national elections. What I want to know is why are you so fixated on it that you must post the same thing in every thread about the German election? Did he turn you down?
I’m in favor of any country fixing their problems, regardless of who those problems are.
I just found out about it. We are not all so knowledgeable about everything as you.
I don’t care if he is gay or not...I find it interesting considering that he will go to Arab countries.
you dont ‘ have to get nasty about it.
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