German government approves easing the tax burden on families and raising taxes on the wealthy

The German coalition government approved a draft income tax reform bill this Wednesday aimed at providing financial relief to families. The proposed legislation includes measures to reduce the tax burden on households by approximately 600 euros annually.

To offset the fiscal impact of these tax cuts, the government plans to implement a modification to the existing tax policy targeting high-income earners. The reform is intended to balance support for families with adjustments to the tax contributions of the wealthy.