One of the most-taxed societies in the world is now making cuts to its income taxes.
Denmark’s Prime Minister Lars Lokke Rasmussen said people should not be burdened by the country’s taxes and that he believes the best way to decrease the country’s budget deficit is to do away with its “social” nature.
“We want to promote a society in which it is easier to support yourself and your family before you hand over a large share of your income to fund the costs of society,” Rasmussen wrote, as reported by Bloomberg.
Since last year, Denmark has planned to cut the top bracket of income taxes by 5 percentage points and increase the salaries of the lowest paid workers by an average of 7 percent.
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Denmark’s government wants to put more people in the workforce, Bloomberg reports, because it believes higher revenues and lower spending will ultimately fund the new tax cuts.
One of the plans to reach this goal includes increasing the retirement age and encouraging more students to join the workforce faster by offering more student loans as opposed to grants.
“The government has engaged in an ideological crusade away from the Nordic welfare state,” said Benny Engelbrecht, finance spokesman for the Social Democrats.
As the country’s largest opposition party, the Social Democrats are not happy about changing Denmark’s “social” status.
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