Just a quick post really. Sweden is lowering income taxes. Again. By quite a bit. 15 billion SEK. For those of you scoring at home, that’s about $2,212,389,381 assuming the current exchange rate of one US dollar equaling 6.78 Swedish kronor.
Recently, Sweden moved down on the rankings for countries with the highest tax burden. Denmark now takes the cake with Sweden coming in second at around 47%. Fredrik Reinfeldt, (Sweden’s current Prime Minister) seems to have made it a sort of goal to lower the tax burden to 45% before he turns 45 during the 2010 election.
So, as promised Moderaterna (the current ruling party with a conservative leaning) are continuing to lower taxes. This will be the third cut since they started in 2007.
And in case you were wondering… I love it. I’m all for a little bit of a cut in income taxes when the overall tax burden is the second highest in the world. Especially since it results in a bit more money that I can spend in whatever way I please. And also, from a historical and economic perspective, in times of economic turmoil such as what we are seeing in the US, and what most financial experts are predicting for Sweden, lowering taxes tends to be a better idea than raising them in terms of creating jobs.
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