Gyurcsány: New tax rate if left coalition wins election
Former prime minister/current Democratic Coalition (DK) party co-president Ferenc Gyurcsány stated in an interview on commercial television station TV2 yesterday that, should the left-wing opposition coalition come into power after national elections this spring, monthly incomes above HUF 500,000 (approximately €1,600) or so will be subject to a 30% income tax rate.
According to Gyurcsány, up to HUF 150 billion could be generated for central government coffers with the new tax bracket.
Speaking at a party caucus on Wednesday, Gyurcsány cautioned that, even if the left-wing coalition wins the spring election, “there will be no more money available in the short term” and “fiscal adjustments will certainly be needed.”
On the other hand, the former PM claimed that “Still, life will be better in certain respects – for instance, the country will be freer.”
(Incidentally, with the Fidesz-KDNP coalition set to cruise to victory in the April elections, are any other Americans getting flashbacks to Walter Mondale’s doomed lefty campaign in 1984…?)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.