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Scholz Party Seeks Investment, Taxes on Wealthy in Leaked Paper

(Bloomberg) -- Chancellor Olaf Scholz’s Social Democrats have drafted economic proposals, including a government fund to promote investment and a temporary “crisis levy” on the richest Germans, that seek to create 1 million new jobs by 2030, the RND media group reported.

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The package’s goals include spurring €100 billion ($107 billion) annually in private investment and changes to Germany’s limit on new borrowing, according to the report.

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That stance risks conflict with the Free Democratic Party, the smallest party in Scholz’s coalition government. It’s calling for reinstatement of Germany’s so-called debt brake and an end to spending that kept the economy afloat through the Covid-19 pandemic and energy crisis.

SPD officials are proposing the plan for inclusion in the party’s 2025 campaign platform. The SPD’s executive committee will discuss it on Monday ahead of a party leadership meeting on Nov. 13, RND reported.

Read more: The Far Right Is on the Rise in Germany and Scholz Is at a Loss

Support for the Social Democrats declined to 16% in an INSA poll for Bild am Sonntag published Sunday, compared with their 25.7% share of the vote in the last German election in 2021. Among Scholz’s coalition partners, the Green party was stagnant at 13% and the Free Democrats polled 6%.

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