Opposition parties in Denmark are pushing for temporary cuts to one of the world's highest tax regimes to ensure pandemic cash handouts boost consumption instead of ending up in state coffers.
COPENHAGEN - Opposition parties in Denmark are pushing for temporary cuts to one of the world’s highest tax regimes to ensure pandemic cash handouts boost consumption instead of ending up in state coffers.
Denmark rivals France among advanced economies for the heaviest tax burden on its citizens - who by and large accept it as the price to be paid for their cradle-to-grave welfare state. But opposition parties and economists say Denmark’s top tax rate of 56% will encourage many in the top tax bracket to redirect money to pension schemes rather than spend it.
Denmark and France’s tax to GDP ratios of 44.86% and 46.09% respectively are far above the average among developed countries of 34.26%, according to the latest OECD data. Denmark also charges a 25% value-added tax on most goods and services.
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