German Tax Revenues Continue to Fall

Germany's Finance Ministry reported on Wednesday that tax revenues at the federal, state and local level for the current year were markedly lower than the previous year. From January to October, the government collected nearly 322 billion euros ($3.196 billion), a 2.5 percent drop from the same period last year, according to the Finance Ministry's monthly report. Faced with a growing deficit that is expected to reach 3.75 percent of gross domestic product this year -- well above the 3 percent limit called for in the euro stability pact -- the falloff in tax revenue has lead the government to call for new taxes, including a capital gains tax on stock and property sales.