German Finance Minister Scholz: "Tax Increase on the Wealthy... Expanding Green Spending and Social Security"

Acceptance Speech of the SPD Prime Minister Candidate on the 9th

Olaf Scholz, German Minister of Finance and Social Democratic Party Chancellor candidate
Photo by EPA Yonhap News

[Asia Economy Reporter Park Byung-hee] Olaf Scholz, Germany's Finance Minister and the Social Democratic Party (SPD) candidate for Chancellor, promised wealth tax increases, eco-friendly spending, and expansion of social security systems in his acceptance speech on the 9th, Bloomberg reported on the same day.

Finance Minister Scholz said, "We want a fair tax system and better tax policies for low-income and middle-class groups," adding, "We demand more public spending from those who hold assets worth millions or billions of euros."

Since March 2018, Scholz has served as Vice Chancellor and Finance Minister in Angela Merkel's government, boasting the most cabinet experience among current chancellor candidates. However, the SPD's approval ratings are on a downward trend. The likelihood of the SPD coming to power is low, and therefore, the chances of Scholz becoming Chancellor are also slim.

The SPD has long been one of Germany's two major parties alongside the Christian Democratic Union/Christian Social Union (CDU/CSU) alliance. Since 2013, they have led the government through a grand coalition with the CDU/CSU. However, recently, the Green Party has significantly outpaced them in party support ratings.

According to a poll released on the 7th, the Green Party ranked first with 25.0% support, while the CDU/CSU alliance came in a close second with 24.6%. The SPD ranked third with 14.8% support.

Armin Laschet, leader of the CDU, is the chancellor candidate for the CDU/CSU alliance, while Annalena Baerbock is the candidate for the Green Party.

On the same day, the SPD approved a 48-page policy platform focused on addressing climate change and reducing income inequality. The platform includes goals such as distributing at least 15 million electric vehicles by 2030, achieving carbon neutrality in power generation by 2040, increasing taxes on the wealthy, and institutionalizing a minimum of 24 days of remote work per year.

Germany is scheduled to hold its general election on September 26.

This content was produced with the assistance of AI translation services.