On July 2, Germany's federal government unveiled a broad economic reform package centered on approximately 10 billion euros in annual income tax relief for low- and middle-income households, Die Welt reported. To help finance the package, the proposal raises the top marginal income tax rate from 45% to 47% for the highest earners. The wider package also includes pension reforms that would gradually link the retirement age more closely to life expectancy, labor market measures tightening sick-leave certification rules and expanding the use of fixed-term contracts, and initiatives to reduce bureaucracy, accelerate permitting, support strategic industries and increase housing supply.