The Danish Liberal Party has reversed its position on the issue of tax breaks for the country’s highest earners after announcing this week that it is ready to consider cuting income tax rates within the top band to try to stimulate spending.
Finance Minister Lars Rasmussen said this week that despite his earlier reluctance to implement the reforms, it was now time to implement such a measure as Danish consumer spending is contracting rapidly.
Nearly one million Danish taxpayers fall within the top bracket, currently 59%, including some nurses, fire fighters and teachers. Rasmussen says that increasing their disposable income would help kick-start the stalled economy.
The proposal appears to have support across the political spectrum, with just the Danish People’s Party, a key partner within the minority government, objecting to the reforms.
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