Hamburg is bracing for a significant decline in tax revenues, projecting a shortfall of 357 million euros by 2028 despite a 2% economic growth in 2023. This anticipated downturn is primarily attributed to the census effect.
Political factions, including the CDU, Left Party, and AfD, are calling for tax reductions, austerity measures, or increased investments to address the fiscal challenges. In contrast, Finance Senator Andreas Dressel emphasizes the stability of the city's revenue base, crediting favorable economic indicators.
Additionally, Hamburg is exploring innovative social policies, as evidenced by a recent initiative to test a basic income, which has garnered substantial public support.
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