The word ‘historic’ should be used with caution, but the unbelievable has happened in the Austrian tax landscape: Finance Minister Brunner has fired a small hand at the coalition, which itself is at odds. With the abolition of cold progression, there is more net of the gross, automatic and not dependent on the whims of the politicians. An analysis and three examples.
That’s a giant step. So far, government leaders have watched as taxpayers have risen year after year to (progressively) higher tax brackets due to inflation, and the Treasury has eaten up a significant portion of the increase. This is now over, at least two-thirds are automatically “returned” to taxpayers. That is good for the population: at the moment there is an urgent need for more net of gross. Even in Germany such a thing does not automatically exist!
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
