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Schaeuble hopes for quick action on tax relief

Wolfgang Schaeuble, German Finance Minister intends to move ahead with proposed tax cuts as soon as possible, while Chancellor Angela Merkel's ruling right-centre coalition might consider an initial tranche of cuts already next week, as the Bild newspaper disclosed.

On Tuesday, Schaeuble had informed lawmakers that Germany had scope to drop taxes by approximately 15 billion euros right after the September 2017 federal election, notwithstanding increased spending on migrants.

However, the finance minister is on the verge of kickstarting the overall process by simply enacting some tax drops at the beginning of 2017, and with the rest to follow in 2018.

A paper outlining first steps totaling up to 6 billion euros had already been delivered to the parliamentary groups of the ruling parties, scrambling to respond to public discontent over the government's open-door refugee policy.

The Christian Democrats (CDU), Merkel's party, where Schaeuble boasts a membership, is currently facing a tough challenge in the next federal election.

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