The state takes as much money as before. Next year it will be even more. A good opportunity to reduce debt and save. Nevertheless, who has to have pleasure?Impressive figures reported by the German Institute for Economic Research (DIW).
The main reason for this trend, experts say, the robust labour market. Steadily rising employment and salary increases have driven the wage tax revenue tidy up.The Federal Ministry of Finance confirmed this trend. In August, the tax revenue of the State has increased to a level not seen for about one and half years. Federal and state governments took a 12.8 per cent more tax than the year before.
In fact, Germany has for twenty years increasing tax revenue. Given our current 600 billion euros we can, even when discounting the low in the last 20 years, inflation has increased. The national debt now is two trillion euros. That is about 83 percent of annual gross domestic product (GDP). Before the financial crisis, there were about 70 percent of GDP. Times compared to the tax revenue of the United States amount to about 2.3 trillion U.S. dollars. The total debt of the United States will be over 15 trillion dollars.
The U.S. debt will amount to 102 percent of annual gross domestic product (GDP). Economists assume that a maximum of 90 percent debt are possible without causing a national bankruptcy. Now, one might even argue that the € 600 billion tax revenue finally give a way for quickly reduce the debt.The increase in borrowing in the years 2008 and 2009 was enormous. End of 2009, the budget deficit was 86 billion euros.
In 2012, it will probably be a good 30 billion euros. The long-term goal is one – no new debt. From 2016, the state wants more than a year receive 0.35 percent of the total economic output of new debt. Therefore, the promise is to the citizens.