Scholz’s SPD Plans Extra Taxes on Wealthy Germans, Stern Reports

(Bloomberg) -- Chancellor Olaf Scholz’s governing Social Democrats (SPD) plan to introduce new taxes for Germany’s top earners and mega-rich, co-leader Lars Klingbeil told Stern magazine.

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It is “only fair if millionaires and mega-heirs contribute more,” he said.

The additional funds will be needed to finance the country’s transformation into a climate-neutral economy, Klingbeil said. “We will have to mobilize much more money to meet these challenges.”

Finance Minister Christian Lindner from the liberal FDP has so far ruled out any tax increases. The Greens, who are also part of Scholz’s three-party coalition, would be open to extra taxes on the wealthy.

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