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German Finance Minister Ditches €30bn Plan, Targets €20bn Relief

6/27/2026

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Summary

Story summary

Finance Minister Lars Klingbeil abandoned his €30 billion tax plan to pursue a joint deal with the CDU/CSU partners.
Coalition is negotiating up to €20 billion relief for earners making €100,000 a year.
CDU/CSU and SPD leaders will meet Sunday and again on July 1 to finalize reforms before the July 10 recess.
Bundesrat backs the overhaul conditionally, demanding compensation for any revenue losses.

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Story summary

Finance Minister Lars Klingbeil abandoned his €30 billion tax plan to pursue a joint deal with the CDU/CSU partners.
Coalition is negotiating up to €20 billion relief for earners making €100,000 a year.
CDU/CSU and SPD leaders will meet Sunday and again on July 1 to finalize reforms before the July 10 recess.
Bundesrat backs the overhaul conditionally, demanding compensation for any revenue losses.