Austrian vice chancellor, finance minister resigns

Associated Press
FILE - In this May 7, 2013 file photo Austrian Foreign Minister and Vice Chancellor Michael Spindelegger from the Austrian People's Party speaks during a press conference after the weekly cabinet meeting at the federal chancellery in Vienna, Austria. Austrian’s vice chancellor and finance minister has announced he is stepping down, citing criticism from his own political party over his refusal to accelerate plans for tax reform. Spindelleger also said Tuesday, Aug. 26, 2014 that he is giving up his function as head of the conservative People’s Party, the junior government coalition partner of the Social Democrats. (AP Photo/Ronald Zak, File)
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VIENNA (AP) — Austria's vice chancellor and finance minister has announced he is stepping down, citing criticism from his own political party over his refusal to accelerate tax reform plans.

Michael Spindelegger also said Tuesday that he is giving up his function as head of the conservative People's Party, the junior government coalition partner of the Social Democrats.

Spindelegger says that reducing taxes for the average wage-earner now would come at the cost of new government debt or increasing other forms of taxation. He told reporters that he opposes both scenarios.

Spindelegger became vice chancellor three years ago and was appointed finance minister last year.

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