German Chancellor Angela Merkel has announced that she intends to increase the value-added tax, a type of national sales tax, from 16% to 19% in 2007. Italian Prime Minister Romano Prodi has expressed a desire to raise some capital gains taxes and perhaps introduce an inheritance tax. Both countries are running deficits that exceed the European Union's ceiling of three percent of GDP and intend to use the tax revenues to cut the deficit.
International Herald Tribune
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