Financial Matters - Against the national trend, Hamburg's projected tax revenue remains stable.
Different from the national expectation, Hamburg predicts more tax income in the approaching years than they initially anticipated in the fall tax assessment. It is estimated that this year there will be an extra 30 million Euros, and this will grow to 76 million Euros by 2025, shared Finance Senator Andreas Dressel (SPD) on Tuesday at the unveiling of the May estimate in the town hall. In summary, by 2028, tax revenues are projected to increase by 254 million Euros compared to the projection from November of last year.
The main reason for the optimistic expectations is the positive progress in wage and business taxes, which make up over half of Hamburg's total tax income. This shows the better economic situation in Hamburg compared to other federal states.
The Hamburg forecast is founded on the nationwide tax estimate presented by Finance Minister Christian Lindner (FDP) in Berlin in mid-April. According to this, the federal government, states, and municipalities will have to account for 21.9 billion Euros less in tax earnings next year than they previously presumed in the tumble. Similarly, substantial shortcomings are expected in the following years up to 2028.
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Despite the national trend of decreasing tax earnings, Hamburg's Senate, led by Finance Senator Andreas Dressel (SPD), has made a positive tax estimate, forecasting an increase in tax revenue by 254 million Euros by 2028 compared to the projection from November last year. This improvement is mainly attributed to the positive progress in wage and business taxes, which account for over half of Hamburg's total tax income. This positive financial situation is in contrast to the federal trend, as Finance Minister Christian Lindner (FDP) predicted a reduction of 21.9 billion Euros in tax earnings for the federal government, states, and municipalities in the upcoming year.
Source: www.stern.de
