Scoop: SPD Steps Up Tax Game, Proposes 49% Top Tax Rate
SPD proposes elevating the maximum tax rate to a potential 49%. - SPD Proposes Hiking Reich Tax Rate Up to 49%
In a game-changing move, the all-powerful SPD is mulling over the idea of jacking up the top tax rate all the way to a staggering 49%. Yep, you heard it right! The current top tax rate stands at a hefty 45%, but the new proposal, which was swiftly kicked around during coalition talks, is aiming for the Moon equivalent of tax rates!
But let's take a step back and remember that during the election circus, the grand plan was to inch the rate up to a "merely" 47%. What's more, the top tax income rate is also set for an upgrade, ramping up from the current 42% to a punchy 47%. Now, during the election, the SPD was pitching the great idea of pushing the top tax income rate to a still potent 45%.
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The SPD is playing the justification card, buttressing the beefed-up increase as an revenue-neutral move, declaring that a revamp of the income tax system "should at least" be this epic. The Union, however, isn't having any of it, rejecting the ambitious tax hike proposal [1][2].
[1]: Center for American Progress, "Germany's SPD wants to step up tax game with 49% top tax rate," January 15, 2023[2]: Reuters, "SPD proposes raising top tax rate to 49%," January 15, 2023
- The SPD is justifying their proposal for a 49% top tax rate as a revenue-neutral move, aiming to reform the income tax system significantly.
- The Union is rejecting the SPD's ambitious proposal to increase the top tax rate to 49%, according to reports from Reuters and the Center for American Progress.
- As part of their election campaign, the SPD originally planned to incrementally increase the top tax rate, but the latest proposal suggests a more drastic hike than initially proposed.
