German government lowers tax estimate as economy flags


BERLIN (AP) — The German government is preparing for a smaller rise in tax revenue as growth in Europe’s biggest economy wanes.

Finance Minister Olaf Scholz said Thursday that tax takings are forecast to be 124.3 billion euros ($140 billion) lower through 2023 than the government had predicted last fall.

The German state has enjoyed record revenues in recent years thanks to low unemployment and steady wage growth, leading to calls for greater public spending.

But Scholz warned earlier this year that “the fat years are over” even as he stressed his commitment to a balanced budget.

The government recently lowered its growth expectations for this year to 0.5 from a forecast of 1.8% just last December.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
New York City