In Europe, talks are officially underway to kickstart the next budget for the bloc. According to reports, the massive €2tn proposal calls for raising taxes on the largest companies in operation.
The Lowdown
On Thursday, European Union President Ursula von der Leyen formally unveiled the bloc’s massive spending proposal, triggering a lengthy and expected process over the next several years. According to The Guardian, the proposal calls for €2tn in spending but comes with several caveats, including higher taxes on the bloc’s biggest companies. This budget proposal would cover 2028-2034.
Here are the top categories where spending would get a boost:
- Higher taxes on the bloc’s biggest companies.
- Increased levies on e-waste
- Increased levies on tobacco
During a press conference, von der Leyen confirmed that the proposal also calls for a fivefold increase in defense spending, triple the funds for migration and border management, and double the already existing research budget, with 35% sectioned off for climate and biodiversity research. The proposal also contains a €100B fund for Ukraine.