The German Finance Minister did not rule out a tax increase

Taxes may be raised in Germany. This was stated on August 17 by German Finance Minister Lars Klingbeil in an interview with ZDF TV channel.

"Klingbeil does not rule out tax increases," the TV channel reports.

According to available information, Germany will face a budget deficit of €30 billion in 2027, which will require Berlin to find solutions to eliminate it.

Klingbeil confirmed that the Social Democratic Party of Germany (SPD) still considers it necessary for citizens with large assets and earnings to contribute "to the improvement of German society." Klingbeil also did not specify which tax he intends to raise.

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On August 7, Bloomberg reported that industrial production in Germany experienced the biggest drop in a year, leading to a crisis. It was clarified that many industrial companies began to revise their forecasts in the direction of further decline.

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