VAT cut: a € 20 billion mistake

A few more days, and then the biggest tax hike in 14 years is due for all consumers.

The regular VAT rate will be increased from 16 percent to 19 percent on January 1, the reduced rate from five to seven percent - just like at the beginning of 2007.

At that time, too, the Chancellor's name was Angela Merkel (CDU), and the SPD provided the Federal Minister of Finance.

But that's enough of the parallels.