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The German government will forgo 6.1 billion euros ($8.9 billion) in taxes per year in 2013 and 2014 under a measure passed by parliament to raise the standard deduction on income tax to help offset wage inflation.
Chancellor Angela Merkel’s ruling coalition passed the step with a vote of 310 to 243 in the lower house, or Bundestag, in Berlin today, according to the parliament’s website. The upper house, where Germany’s 16 states are represented, may seek changes in the bill.
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